WorkCover Redemptions

Have you been offered a WorkCover Redemption? Chances are you’re in need of some clarification.

Recent changes to WorkCover law means more Australians are considering taking a Redemption, which is effectively a lump sum payment, to finalise the WorkCover process.

It doesn’t matter what industry you’re in, Positive Wealth’s team of qualified advisers can help guide you through the entire process.

Workcover lump sum payments

Before finalising your Redemption, you are required to seek professional financial advice to make sure you have considered all your options and are aware of the potential issues in taking a lump sum:

Seeking financial advice is a requirement to receive your pay out
  • Tax consequences
  • Centrelink ‘exclusion’ periods
  • Complicated investment decisions
  • Recovery by Medicare of expenses relating to the injury

Requirements of Workcover

Besides seeing a Financial Adviser, you are also required to obtain signatures from your treating Doctor and your Lawyer before you can lodge your Redemption claim. Only once you have been signed off by all three can you get your lump sum payment.

If you've been receiving WorkCover or injury payments from your employer, and you've been offered a lump sum payout, make sure you seek financial advice.

Positive Wealth can help you to understand the best way to manage a lump sum payout.

Speak to us on 1300 060 668 to learn more, or book a time to sit down with one of our friendly advisers to review your case.

Book a Consult

Your first Consult is FREE