In Australia, most people depend on their monthly income, even though they have some investments on the side. But, in case of a serious illness or injury, that income might be endangered. In that case, you need to know what you can do to ensure you still live comfortably even if you’re unable to work.
See a doctor
First things first, see your health practitioner. In order to move from your current uncertain position, you need to have the right diagnosis and some sort of estimate on how long you will be unfit to work. This information will help you further down the road. Once you find out about your injury or illness, make sure to inform your employer as soon as possible. In many countries (Australia included) you can get temporary disability benefits lasting up to six months.
How to sign up for temporary disability benefits?
In order to apply for temporary disability benefits, both your doctor and your employer need to sign some documents. Like stated above, your temporary disability benefits can last up to six months and during that period, you will receive 66% of your weekly wage. It’s crucial to know that you have thirty days to file your application, but if you have a valid reason, you can still get benefits after that period. But, it is impossible to file any claims before you stop working.
Superannuation insurance benefits
In most countries, such as Australia, you can claim compensation in case you get injured at work or suffer from any occupational illnesses. In case you’re unable to work, you can find an expert compensation lawyer to listen to your story and explain which benefits you can claim. This process doesn’t only allow you to end up with a big sum of money, but also provides you with an opportunity to heal and leave your injury behind. If you’re already in a tight financial situation made even worse due to your injury, it’s best to find personal injury specialists who work on ‘No Win, No Charge’ basis.
What to do in case of longer leave?
In case your injury or illness keeps you from working for a longer period of time, you can apply for social security benefits. While different countries have different criteria for qualifying for these benefits, in most cases, you will be eligible if you have a certain amount of work hours under your belt and if you’ve been paying social security for at least 10 years. If these all apply to you, make sure to confirm whether your disability fits into social security standards.
You will need to provide proof that you can’t perform at work as well as you used to before your condition due to illness or an injury. If your health state is severe enough to prevent you from working for more than a year, you can get social security benefits.
Social security benefits VS disability insurance
It’s important to know that disability insurance isn’t the same as long-term care insurance. The difference is actually very big, so it’s important to understand it in order to choose the best plan for you. In most countries, disability insurance covers the inability to work for people under the age of 65. Eligible people can get monthly benefits. On the other hand, long-term care is there to cover the costs of treatment and post-op care. It provides people with regular benefits and covers the costs of care you might need if your health deteriorates further. If that happens, your long-term care can also include nursing care costs and costs of facility accommodation.
While your health always comes first, you also need to ensure your income is safe in case of any unexpected situation. In case something happens to you, you have these tips to turn to and ensure you can focus on recovery instead of finances.
