Understanding insurance

Navigating insurance can be tricky, especially for autistic adults and their families or carers. 

Below, we explore the basics of insurance, why it’s important, and what to consider when making choices.

What is insurance?

Insurance is a way to protect yourself financially from unexpected events. There are different types of insurance, including health, life, and income protection, each serving a specific purpose.

Health insurance

Health insurance helps cover medical costs. In Australia, we have Medicare (public health insurance) and private health insurance. Medicare covers regular GP visits, specialist consultations, some mental health services, and various tests. It’s a great start, but might not cover everything. Private health insurance complements Medicare by offering additional coverage like hospital treatments, private hospitals, dental, optical, and extended therapy sessions.

When considering health insurance, make sure the policy covers the therapies and treatments you use or want to start using. Check how long you need to wait before certain services are covered and understand any potential additional costs.

Life insurance

Life insurance provides financial security for families and carers if the policyholder passes away. It’s a bit more complex for autistic adults due to perceived risks, but there are options available. Term life insurance covers you for a set period, while total and permanent disability (TPD) insurance pays out if you become permanently unable to work. Trauma insurance covers serious illnesses or injuries.

When looking into life insurance, always disclose autism and any related conditions to avoid denied claims. Shop around, as premiums can vary, and make sure you understand what the policy doesn’t cover.

Income protection insurance

Income protection insurance ensures a steady income if you can’t work due to major illness or injury. It can cover up to 75% of your pre-tax income. Consider how much of your income will be covered, how long the payments will last, how long you need to wait before benefits start, and whether to choose stepped premiums (which increase with age) or level premiums (which stay the same).

Tips for choosing the right insurance

Assess your needs by identifying specific health and support requirements. Compare different options to find the best value, ensuring the coverage includes essential services. Be mindful of waiting periods for certain services and plan for any waiting times for coverage. Look at how NDIS supports can complement your insurance. Consider using an insurance broker or financial planner to help you navigate and set up the right insurance plan suited to your needs.

‍Specific considerations for parents and carers

Advocating for your autistic loved one’s needs is really important, especially as a parent or carer. Joining support groups can be a great way to get advice and find emotional support from others who understand what you’re going through. It’s helpful to sit down with professionals to create a plan, like setting up trusts and powers of attorney. As you start planning for big life changes—like transitioning to work or independent living—don’t forget to update your insurance policies to reflect those changes. And it’s always a good idea to have an emergency plan in place and keep medical records current.

Understanding insurance for autistic adults can be complex, but with the right information and support, you can find coverage that meets your needs. Assess your options, compare policies, and seek expert advice to ensure you and your loved ones are protected.