Managing a serious illness or injury

A serious illness, health condition or injury can last anywhere from a short to long time, it has the potential to be life threatening and negatively impact a person’s daily function or quality of life.

Here are some examples of the more common serious illnesses and health conditions affecting Australians:

• Mental health conditions
• Chronic pain
• Arthritis
• Asthma
• Diabetes
• Heart, stroke and vascular disease
• Osteoporosis
• Chronic obstructive pulmonary disease
• Cancer
• Multiple Sclerosis
• Parkinson’s Disease
• Kidney disease

Many people experience a range of difficult emotions after a serious illness diagnosis, and it can be hard to think ahead, particularly when it comes to finances. That’s why we’ve put together the information on this page to support you during this difficult time.

Build yourself a support network

Having a support network that you can trust makes life just that little bit easier during this difficult time. It’s important that your support network has the right values and capabilities with no conflicts of interest. It’s a good idea to nominate one person within your group who you trust to speak on your behalf.

When it comes to finances, you’ll need to consider who you want as an authority to operate on your bank accounts and the types of access you may need to put into place, as we are unable to talk to someone else about your finances unless you have authorised them to do so.

A support network could help:

• Provide you with support and advice when it comes to making decisions.
• Plan your future and what it looks like.
• Assist with childcare duties and household maintenance.
• Provide physical care.
• Set up your finances to ensure your best interests.
• Forward plan for a time where you may be unable to manage your own finances.
• Review or set up a power of attorney, enduring power of attorney, guardianship or administration/financial management order arrangements, with an accredited and reputable lawyer or solicitor, which means nominating an authority who is someone you trust to assist you with any financial or legal matters.
• If you can’t afford a lawyer, your local Legal Aid or Community Legal Centre could be of assistance.
• Carers will also need to consider what access they have to finances and legal support to act on someone else’s behalf financially and medically.

There are also a number of support groups available both online and in person that are a great way to connect with people who have similar experiences. 

Prepare for the worst, while at your best

While preparing powers of attorney, guardianship arrangements and financial order arrangements, there are many other things that you should consider planning when you are at your healthiest as this is when you can make decisions in your best interests in the best frame of mind. Reputable and accredited lawyers and solicitors will advise you on how to formalise your preferences and wishes for advance care directives/advance care plans and your Will. Specialists and doctors might also provide expert advice for your advance care plans. 

Here are some helpful resources:
Department of Health and Aged Care – Advance Care Directive
Advance Care Planning Australia – Create Your Plan

Consider your finances and unexpected expenses

Unfortunately, no one is ever prepared for a shock diagnosis or the costs that may come along with it. Here are some costs to consider if you are diagnosed with a serious illness, health condition or injury:

• Out of pocket treatment expenses
• Medication
• Hospital and Specialist fees including additional parking costs  
• Loss of income
• Childcare costs
• Transport and accommodation
• Home and car modifications
• Specialty aids and equipment
• Ordering food and groceries if you’re unable to cook
• Higher utility bills because you’re at home more

Tip: when you are in good health, it’s always a good idea to put aside some extra funds for when life can change, or for emergencies, if possible. Consider discussing this emergency fund with one of our team members, as we can set up an account that has appropriate access or guide you with setting it up.

Check your health insurance

If you have a Medicare number, you are entitled to free treatment in a public hospital and payment or part payment of many health services for doctors, specialists, tests, scans, some surgeries, eye tests etc.

When you have private health, you can often be treated in a private hospital, or as a private patient in a public hospital. Your private health insurance could cover some of the additional costs of treatment.

Whilst having private health insurance is recommended as you’ll have access to a range of specialists and reduced waiting times, keep in mind there are still out of pocket costs to being treated in the private health system and it’s important that you carefully regularly review your health insurance policies to ensure they still accommodate your needs.

Chat to a Financial Expert

To plan for the future, it’s important to understand how a loss or decline in income, along with increased bills and costs, could affect your financial position. If you have a solicitor, accountant or registered financial planner, get in touch with them to obtain some advice around your financial position. If you are experiencing financial difficulties and want to get in touch with a financial counsellor, call the National Debt Helpline who provide a free, confidential and independent service to all Australians who want assistance managing financial difficulty. Simply call 1800 007 007 or visit the website.

Set up an Authority to Operate or access to your accounts

There may be times when you will need to authorise someone you trust to manage your finances, or as a carer, you may need access to your loved one’s accounts. Authorising access to your banking is a very serious decision and increased access can also mean increased exposure to the risk of financial abuse, scams and fraud.

We can discuss these options with you and next steps. In many cases, we will require proof of power of attorney, enduring power of attorney, guardianship or an administration/financial management order.

These arrangements can be cancelled when required when you advise us of changes. This access is designed to help someone pay bills and necessary costs when they are unable to do so themselves. This is not a move to allow access to new credit cards or loans.

If you would like to consider this change to your banking, please seek accredited legal advice and consider your circumstances carefully.

Utility and service providers

It may be a good idea to nominate someone from your support network as an authorised representative on your utility accounts. This way they can manage these bills for you when you may be unable to do so. Alternatively, if you have the ability, set up direct debits to pay your bills.

Superannuation

Check what eligible entitlements you have under your superannuation fund. If you currently have several superannuation funds, it may be worthwhile considering the option to consolidate these into one, if you have ensured you will not be losing any significant insurances, or other features and benefits. If you need help locating where your additional super funds may be, visit here or myGov. You can also contact your existing superannuation fund who may be able to assist.

When looking at consolidating your superannuation funds, make sure you compare the different insurance products and benefits each offer. This super comparison tool from the ATO might also be useful for comparing super funds. If you would like more information on the three common types of insurance offered by superannuation funds, visit the moneysmart website.

Chat to your work

If you are employed, have a chat with your employer about what options may be available to you during this time.

Register for Online Banking

If you haven’t registered for Online Banking, this is a good time to contact our team on 1300 131 844 or visit us in branch. Once you have registered, you can then also download the Police Credit Union Banking App. Both Online Banking and the App will allow you to bank comfortably 24/7 from home or from your smartphone or tablet. This means you can check your account balances, pay your bills and make transfers including Fast Payments.

View more information about our easy to use and convenient access channels.

Free Personal Appointments

Our branches are offering free personal appointments where we can help you review your current banking and financial position. We could also review your current loan interest rates and see if we can offer you a more competitive rate for refinancing. We can also work with you to create a ‘rainy-day’ account or savings plan for emergencies or unexpected expenses. Make an appointment with your local branch today.

We’re here to help you every step of the way.

Give our friendly team a call on 1300 131 844 to discuss your personal circumstances and how we can assist and support you during this time.

You can also email us at [email protected]

Review our Financial Hardship information and so we can best determine how to help with your specific situation, you may need to complete our online Financial Statement Form.

National Debt Helpline
Not for profit that helps people tackle their debt problems.

Way Forward
Free support to help you manage any debts.

Australian Tax Office
Search this government website for helpful information about tax, superannuation and grants.

Services Australia and Centrelink
Find out what help you can get while you’re recovering from an injury or illness or when unemployed.

Money Smart 
Helping Australians take control of their money with free tools, tips and guidance.

National Disability Insurance Agency (NDIS) 
Provides funding to eligible people with disability.

Government crisis payment
A one-off payment if you’ve experienced an extreme circumstance and are in severe financial hardship.

Government financial information services
A free service that can inform and educate you about financial matters.

Advanced Care Directive Planning
Government information about preparing your future care with your determined preferences for a substitute decision maker.

Advance Care Planning
Information about advance care planning and access to forms, according to each Australian state.

SA Legal Services
A list of legal services for South Australians

Northern Territory Legal Aid Commission
A list of legal services for Territorians

Beyond Blue 
24 hour counselling for those experiencing poor mental health such as anxiety or depression.

Lifeline 13 11 14
24 hour crisis support and suicide prevention service.

Kids Helpline 
Online counselling for kids and young teenagers.