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.
We also encourage you do your own research into this option (please visit the ATO’s website for the most up-to-date information) and discuss it with your relevant financial parties.
Disclaimer: The following information is general and not to be taken as financial advice. It is recommended that you discuss any financial decisions with your financial institution and/or advisor before making a decision. The information in this article was correct at the time of publishing.
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?
To apply for the early release of super on compassionate grounds, the medical treatment must be carried out by a registered medical practitioner and must meet both of the following eligibility conditions:
You or your dependant must require the medical treatment to eithersome text
treat a life-threatening illness or injury
alleviate acute or chronic pain
alleviate acute or chronic mental illness
The medical treatment is not readily available through the public health system
According to the ATO’s website, applicants must meet all of the below criteria to be eligible to access your super to pay for medical expenses:
Condition 1: You are or have been a citizen or permanent resident of Australia or New Zealand ifsome text
you are currently a temporary resident, you cannot meet this condition and you're not eligible to apply.
you were a temporary resident and are not a current Australian or New Zealand citizen or permanent resident, you cannot meet this condition and you're not eligible to apply (but you may be eligible to be paid your super in the form of a Departing Australia superannuation payment).
Condition 3: You or your dependants' expense is unpaid or has been paid as a result of you borrowing money that remains outstanding – where you or your dependant have borrowed money to pay the expensesome text
you can only apply to repay any outstanding amounts from the amount borrowed
additional documents will need to be provided as part of your application.
Condition 4: You can’t afford to pay part or all of the expense without accessing your super. That is, you can't pay the expense by:some text
using your savings
selling shares, investments or assets
accessing funding through other means (such as the National Disability Insurance Scheme)
borrowing money, obtaining a loan, redrawing your mortgage or using credit facilities, but if you then are unable to repay the borrowed amount, you may still be eligible to apply.
Condition 5: You provide all required supporting evidence and invoices or quotes, including any documentary evidence required to show you're in a dependent relationship with someone when you're applying to pay an expense for them.
The ATO’s website ‘Early access to your super’ information portal
What companies can help with accessing your super?
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.
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.
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