Skip to main content

Medical Expenses


Article on Medical expenses by adam

Adam Weaver adam@allrisk.com.au
10-03-2018

Medical Expenses and Rehabilitation

Getting hurt isn't cheap - if you or one of your workers is hurt on the project, medical attention at the hospital and most importantly rehabilitation afterwards can be expensive and long.
Make sure you consider health and wellbeing (for yourself as well as your workers) when working on your project.

Medicare

The first (and sometimes only) port of call is Medicare.
Not many people realise this, but the Health Insurance Act of 1973 prohibits insurers from offering medical expenses coverage in Australia except under limited circumstances. Accordingly, you'll only see medical expenses insurance under Health Insurance, and Workers Compensation. You'll never see it anywhere else - it's simply against the law.

Health Insurance

We recommend that all owner builders investigate health insurance to cover medical costs.
What about rehabilitation & loss of income while you're recovering from the injury?

Income Protection, Life, and TPD

You should also look at income protection insurance to cover your loss of income while recuperating. You may find that your superannuation fund offers income protection insurance as an add on (and it's usually quite cost effective!). Just make sure you have the appropriate cover here - life, TPD, income protection, and trauma insurance are all very different. Your life insurance advisor should help you here.

Public Liability and Workers Compensation

Commonly people assume that public liability covers owner builders for injury. That's unfortunately incorrect; public liability covers the owner builder's responsibility to pay compensation to other people (hence the word "public") for personal injury caused by the owner builder project. Since you can't actually sue yourself, the consequences of self-injury on the site need to be insured by health or income insurance.
Workers Compensation has the same problem - workers compensation is to cover statutory responsibilities towards deemed workers of the owner builder, not the owner builder itself. Since you as the owner builder are the "boss" and not the "worker", workers compensation doesn't cover the owner builder, only the workers of the owner builder.

Volunteers Cover

Volunteers are people helping you out on your project with manual labour, under your direction, for free, and without expectation of reward. We offer Volunteers Cover to insure the loss of income of volunteers (including the owner builder and spouse) following an injury on the project. Volunteers Cover cannot cover those medical expenses prohibited by the Health Insurance Act 1973; in general, it can only cover the loss of income and non-medical additional expenses.

Consider your options

When weighing up the costs of being an owner builder, please consider what could go wrong, and how you can best offset that risk with insurance. When we provide quotes we break our prices down into individual sections so you can see exactly what you're paying for, and only buy insurance against the required risks.
Quotes take around 90 seconds and are instantly e-mailed to you, together with a copy of the policy wording and an explanation of what is insured.
Of course, if you get stuck, please send an e-mail or give us a call 1300 255 747.

For more information about Medical Expenses, visit our website.
Table of Contents Main Site
Social Platforms
Insights
Table of Contents


Comments

Post a Comment

Popular posts from this blog

Best Owner Builder Insurance Australia

All around Australia, many people use owner builder loans to acquire a house for their family. This is one of the popular options for Aussies especially those who are trying to save money. However, others choose this because they have enough time to do a construction project while others just do this because they have the skill for building and this is also what they do for a living. Whatever their reasons are, they all need insurance for this undertaking. Regardless of who will be doing the actual works, applicants must produce insurance first for the building along with other required documents for the local city council’s approval.     Some tips for a secure deal and quality service             Check for the best mortgage companies to work with Do a research about the different insurance companies in Australia Learn extensively about their products and terms. Ask them important questions. Select your company of choice, know ...
Post a Comment
Read more

Best Owner Builder Insurance

Most of the time, if you’ve chosen the wrong company, insurance doesn’t really help or protect you against possible financial loss. This is a very important warning to you and to all Australians who are planning to get one for their building or construction project. They must be very cautious about whom to trust their money within this industry. There are many licensed builder companies around Australia but there are only  few  that are really trustworthy and truly accountable. It is advisable for you to look for a  builder through  personal  reference from people you know. As much as possible, the ones that you must ask are only those that you really trust. To be sure, it is also important to do further inquiry.    Keep in mind also that builders usually do outsource their service. This means you can never rely on their license as credibility. Many builders hire cheap alternative services from low-cost small companies that provide careless la...
Post a Comment
Read more

New Home Construction Insurance

If you need construction insurance for your new home, Allrisk Insurance would be the best kind of company for you. By providing access to our efficient approach, we help people insure the most important investments of their life. And by collaborating with the right insurance provider for your needs, we can help you get protected against any possible risks that might happen any time. Our office will always be available to help clients like you get the kind of service you deserve.  Our team is composed of insurance experts who are trained to provide consistent professional assistance to customers. Ours is not an easy facility to establish. We have worked hard for this achievement. So if you are ready to work with us, call our office now at this number – 1300 255 747 – so that we can start learning about your current financial standing and other necessary information for our initial process. After assessing you, we will then help you proceed to the next stage. Allrisk Ins...
Post a Comment
Read more