Managing your money

Help with budgeting and debt

It is common to take a look at your money and budget after finding out you have a chronic illness.

The Financial Information Service at Services Australia can help you understand your financial options. 

The Budget Planner at Moneysmart is an online tool that can help you work out:

• what you're spending your money on
• where you might be able to save money.

Call the National Debt Helpline on 1800 007 007 for free and confidential financial counselling.

The Financial Rights Legal Centre offers advice and advocacy for people in financial stress.

Insurance payments

If you've taken out insurance and are diagnosed with a chronic illness, you may be able to access a payment to help cover living costs.

This insurance could be through your superannuation fund or with a separate insurance provider.

The types of insurance available include:

• income protection
• critical illness (also called trauma cover or recovery insurance)
• total and permanent disability
• life insurance, which can be paid out early for those with a terminal illness.

Contact your insurance provider to find out if you are covered and how to make a claim.

Find out more about the different types of insurance at Moneysmart.

Accessing your superannuation early

You can access your superannuation early if you:

• are in severe financial hardship
• have a terminal illness
• are temporarily or permanently incapacitated
• have less than $200 in your super fund, or
• meet compassionate grounds.

You may want to talk to a financial counsellor if you are thinking about accessing your superannuation early. They can:

• help you understand your options
• explain the application process
• help you understand what impact it will have on your superannuation when it comes time to retire.

Find out more about accessing your superannuation early at Services Australia.