Handy resources on accessing your super to cover medical costs

One of the most common questions we get asked at Dental Implants on Miller in Sydney is how to go about accessing super to cover the cost of All-on-4 or other dental treatments. Since we can’t provide you with any financial advice, we’ve put together a list of handy resources to help you learn more about this option and whether it’s right for you.

Where to find information about accessing your super to cover the cost of your medical or dental treatments:

• Early access to super on compassionate grounds
  This page provides an overview of what’s involved when you access your superannuation early on compassionate grounds to pay for medical expenses.
  
  
• Understanding your options
  Here you’ll find information on how accessing your super early can affect your super balance, retirement income, income protection insurance, and life and total permanent disability insurance cover.
  
  
• Eligibility for early release of super
  This page provides an outline of the conditions and eligibility requirements you must meet to be approved for the early release of your super on compassionate grounds.
  
  
• Evidence required for your application
  This page outlines the specific evidence you are required to provide in your application for the early release of your super. For medical treatment, you must provide a quote or unpaid invoice for the treatment, as well as two medical reports.
  
  
• How to apply
  Here you’ll find everything you need to know about how to apply and what to expect during the application process.

Who can access super on compassionate grounds for medical treatment?

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The ATO considers medical treatment to be the application of medicines, surgery or psychotherapy to a patient to restore or preserve health, or to cure an illness, disease or other medical condition. The medical treatment must be carried out by a registered medical practitioner.

There are two conditions that must be met to be eligible for accessing your super to pay for medical expenses. These include:
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• Condition 1: You must require medical treatment:

          ◦ To treat a life-threatening illness or injury
          ◦ To alleviate acute or chronic pain
          ◦ To alleviate acute or chronic mental illness

• Condition 2: The medical treatment you need must not be readily available through the public health system.
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In order to meet the requirements, your registered medical practitioner must provide detailed information relating to your acute or chronic pain.
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What companies can help with accessing your super?
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There are a few companies that can help you determine your eligibility and apply for the early release of your super to fund your medical treatment. They will generally charge you a fee to guide you through the process and help you complete your paperwork. However, keep in mind that you do not need to hire a company to do this for you — you are able to complete the process yourself.
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Disclaimer: Dental Implants on Miller is not affiliated with any of the companies listed below, nor does it endorse any one company for these services. Be sure to conduct your own research before committing to this process.

• Access My Super
  
  
• Release My Super
  
  
• Australian Super

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