COVER STORY
Super insurance Nurses are now more vulnerable to financial distress if they are injured, thanks to the state government’s changes to workers’ compensation. The Lamp asked health sector industry super funds how they can help. HESTA INSURANCE CAN BE LIFE-SAVING FOR FAMILIES HESTA CEO ANNE-MARIE CORBOY says Australians are underinsured even though the stakes can be high for not doing so. “Australians will insure their house or their car but not themselves. This (insurance) can be life saving for families,” she says. Anne-Marie says the changes to workers comp in NSW are a moment for nurses to reflect on what they need to do to make sure they and their families have protection in the event of an injury. “Insurance is really important. It is an opportune time to assess what you’ve got.” If you are a member of HESTA and you don’t opt out you get 2 units of death cover and 2 units of income protection for those who can’t work on a temporary basis or on a permanent basis. If your injury is temporary you are covered by income insurance for two years. After two years you need to be permanently disabled to get the benefit which is paid to age 67. Anne-Marie says HESTA improved the length of cover following changes to the age eligibility of pensions. “With the aged pension now extended to 67, we’ve extended the cover to 67. It’s unique – not many funds offer this. So, for example, a nurse who is 35 who is injured at work with permanent incapacity is entitled to the benefit till age 67.” HESTA allows you to increase your cover and Anne-Marie says ‘we encourage members to do so’.
“Insurance is really important. It is an opportune time to assess what you’ve got.” — anne-marie corboy
“All the information is on the HESTA website along with a calculator to assess what your needs are and what it would cost to meet those needs.” This year HESTA introduced a Life Events Option which allows members to increase their Death and Total and Permanent Disablement cover or their income protection on achieving a life milestone without providing medical evidence. These milestones can include: obtaining a tertiary qualification, getting married or divorced, giving birth, turning 25, 30, 40 or 50 years of age or when taking out a
mortgage among other events. If you go on parental leave you get 12 months cover at no cost. Anne-Marie says the big advantages of getting your insurance from your super fund are the competitive cost and the fact that premiums are deducted from your super account. “Most will find that it is cheaper than a retail policy.The group buying by the super fund gives a lower premium and so long as there’s enough money in your account to cover the premiums you don’t have to worry about remembering to pay for them.”
T h e i n fo r m a t i o n p rov i d e d h e r e i s o f a g e n e r a l n a t u r e a n d d o e s n o t t a ke i n to a c c o u n t i n d i v i d u a l c i rc u m s t a n c e . Fo r m o r e i n fo r m a t io n yo u 2 0 | T H E L A M P A U G U S T 2 01 2