In this episode, we explore how we can navigate money during major health events, from the immediate financial shock to longer term issues. We discuss the importance of having an emergency fund to cover unexpected medical costs or income disruptions, reviewing and claiming insurance entitlements, and understanding income protection options. We also cover strategies to manage reduced income, from tightening household budgets and pausing mortgage repayments to exploring government support and even selling assets if needed. Beyond the practical, we emphasize setting up powers of attorney, leaning on family, community, or charity support, and working closely with advisors to reassess financial goals once recovery begins. Ultimately, we highlight that being prepared with a plan gives us the flexibility and resilience to handle life’s most difficult moments.

Tune in to this episode to learn how we can prepare, adapt, and take control of our finances during major health events so we’re better equipped for life’s toughest challenges.

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This podcast contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This information is provided by Billy Amiridis & Andrew Nicolaou of 360 Financial Strategists Pty Ltd, authorized representatives and credit representatives of Akumin Financial Planning – AFSL 232706

Episode Highlights

• Why having an emergency fund is essential during a health crisis

• How to use insurance and income protection to cover unexpected costs

• Practical steps for managing reduced income and cutting expenses

• Options for pausing mortgage repayments and accessing financial relief

• When to consider selling assets and understanding tax implications

• The importance of powers of attorney and estate planning in medical events

• Leveraging family, community, and charity support networks

• Reassessing financial goals and priorities after a major health event

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