Financial issues

Dealing with bills and debts

There are many different types of costs that can add up during diagnosis and treatment. If you are concerned about  money, this can add to the worry and stress of being diagnosed with advanced cancer.

Ask your doctor whether there are ways to reduce your treatment costs. They can also refer you to a social worker for advice. Depending on your circumstances, you may need to consider ways to manage the financial impact of advanced cancer

Making payment arrangements

If you are having difficulty paying your utility bills, such as electricity, gas, water, phone or internet, contact your provider. You may be able to access flexible payment arrangements, discounts, rebates or concessions through their hardship program. Check with the hospital social worker whether other options are available in your state or territory. You can contact the National Debt Helpline on 1800 007 007 for free financial counselling and advice.

Organising your paperwork

Keeping paperwork up to date and in one secure place will make it easier if someone needs to help you with money or legal matters. Discuss your legal arrangements with your family, and let them know how to contact your lawyer. If you have an advance care directive, give a copy to your healthcare team so they know about any decisions you have made.

Documents to get together include:

• social media login and passwords
• birth, marriage/divorce certificates
• bank and credit card details and passwords
• investment information (e.g. shares)
• Centrelink and Medicare details
• superannuation and insurance
• house title/lease
• loan details (e.g. house, car)
• passport
• will
• documents appointing substitute decision-maker/power of attorney
• advance care directive
• funeral information.

Accessing superannuation early

In Australia, you can access your superannuation (super) if you are 65 years old or if you have retired (depending on your age). You can also apply to access your super early in particular circumstances, including:

• on compassionate grounds, including to pay for medical treatment
• if you are facing severe financial hardship
• if you are diagnosed with a life-limiting illness – you may need to provide supporting documentation, which your doctor can arrange.

You can apply to access your super early through your super fund or the Australian Taxation Office (ATO).  Type “early access to your super”, or you can also call them on 13 10 20. Cancer Council may be able to connect you with a professional to help you access your super. Call Cancer Connect on 13 11 20 for more information.

Check your insurance

People often don’t realise that they may have insurance attached to their superannuation. Some super funds may offer insurance by default – so you may be covered as long as you didn’t choose to opt out.

Types of insurance provided through super funds can include income protection, total and permanent disability, and life insurance (may be called death cover).

To find out whether you have insurance through your super or how accessing your super early will affect your insurance entitlements, talk to your super fund and insurer, or to a financial planner.