Money matters and insurance

How to manage insurance and talk about financial stress

A heart event or diagnosis doesn’t just impact your physical health – it can also affect your finances. Dealing with insurance, like health and life insurance, ambulance cover and income protection, can feel overwhelming after such a life-changing event.

At the same time, the cost of medicines, appointments and being off work can add up and lead to worries about your finances. This can add more stress to your heart health recovery.

That’s why it’s important to understand what your insurance covers and to start open conversations with family and friends about any financial concerns you’re facing.

Health insurance and ambulance cover

Check your insurance and superannuation policies to see if they can help cover any bills from your time in hospital or to replace some of your income.

A heart event or diagnosis are classed as pre-existing conditions and may affect health insurance premiums with special conditions or exclusions. Some companies may ask you to do a medical assessment. Contact your health insurance company to find out if your coverage is affected.

After a heart event or diagnosis, you can still get cover, but there may be a waiting period before you can make a claim. It is also important to think about purchasing or maintaining your ambulance cover should you need it in an emergency.

You can speak with your doctor before buying new health insurance as insurance companies often ask for detailed medical information.

Income protection and life insurance

A heart event or heart diagnosis can affect your life insurance and income protection premiums. Have a chat with your insurance company to find out if your policy is affected.

Speaking with family or friends about finances

Discussing finances with family and friends can be difficult, but it’s better to address finances sooner rather than later. Speaking openly gives other people an understanding of what you’re going through and helps them to support you.

Sharing your insurance details, discussing potential costs and exploring ways to manage expenses together can help share the burden of financial stress.

For more financial advice, visit moneysmart.gov.au/dealing-with-illness.