In Australia, one of the government’s mandates is the imposition of superannuation, where a portion of a worker’s salary (currently 11.5% and rising to 12% by 2025) goes to their retirement fund. This compulsory system guarantees you a secure retirement after working hard for decades. But, let’s face it: there are times where you’d be faced with situations that would break your bank. During those times, being able to tap into your compulsory retirement fund would be helpful to get you out of your current dilemma.
If financial assistance is what you need to fund your medical expenses, try getting access to your superannuation early with SuperCare. Let’s deep dive into what you need to know about SuperCare, and how you can use it to pay for medical bills and fees.
What Is Superannuation?
Superannuation, often simply referred to as your “super,” is a mandatory savings program in Australia that helps individuals save for retirement. This helps them ensure their retirement years are secured with the help of a fund. Employers contribute a portion of an employee’s salary into a superannuation fund, which is then invested to grow over time. The current superannuation rate, known as the Superannuation Guarantee, is set at 11.5% at the moment meaning employers must contribute 11.5% of an employee’s ordinary earnings into their superannuation fund.
Your own Superannuation is typically locked in until your retirement, but there are specific circumstances where you can get early access to it, like in cases of severe financial hardship or on compassionate grounds for medical expenses.
How SuperCare Works
SuperCare is a helpful service that offers Australians early access to their super at an earlier time than their retirement, especially when it’s needed for medical expenses. This benefit can be used for a variety of medical treatments, including dental services, IVF services, weight loss surgery, and mental health treatments.
If you do decide to take a little bit from your super, it would be best to work closely with both medical practitioners and the Australian Taxation Office (ATO). The Australian Tax Office is the branch of government that oversees not only the taxes but also the superannuation. So, before you file your claim, it’s important to know if your expense is eligible for release on compassionate grounds, according to ATO.
SuperCare ensures that all necessary documentation is prepared and submitted correctly, increasing the likelihood of a successful application. However, when you access your superannuation early, that means your retirement savings will also be reduced. The reason behind it is that you are dipping into your account, which is supposed to be for your retirement years. Here are some of the things you also have to consider before you decide to take action.
Early access to your superannuation in Australia can affect your:
- future retirement income
- income protection insurance
- life and total and permanent disability insurance cover
- family tax benefit
- child support payments.
So, before you decide on taking something for your super, make sure you understand your options and the financial impacts before applying. Maybe getting financial advice from an expert can also give you clarification about this.
How to Use SuperCare Superannuation for Medical Expenses
Eligibility Criteria
The Australian Tax Office has a set of eligibility criteria to be met before anyone can have access to their superannuation for medical expenses. The most common grounds for approval include:
- Life-Threatening Illness or Injury: If you or a dependent have a life-threatening condition that requires immediate medical attention, you may be eligible for early access to superannuation.
- Chronic Pain or Disability: If you suffer from a chronic condition that significantly impacts your quality of life, early superannuation access may be granted to cover treatment costs.
- Acute or Chronic Mental Health Issues: In some cases, superannuation can be accessed to pay for mental health treatment, particularly if the condition is severe and treatment is urgently needed.
- Palliative Care: If you or a dependent require palliative care, superannuation can be used to fund the necessary medical support.
With SuperCare, you will be assisted in identifying whether your situation meets these criteria and helps gather the required documentation to support your application.
Required Documentation
Documents are important when applying for early access to super and SuperCare. When you do, make sure you have these files on hand:
- Medical Reports: Detailed reports from your doctor outlining the condition, recommended treatment, and why the treatment is essential.
- Cost Estimates: A quote (not older than 6 months) or invoice (not older than 3 months) from your healthcare provider detailing the costs associated with the treatment.
- Personal Identification: Proof of identity to confirm your eligibility for superannuation release.
SuperCare simplifies this process by coordinating with medical professionals to obtain the necessary medical documentation and ensure that your application is complete and accurate.
For more information about your eligibility and required documentation for your case, check the Expenses eligible for release on compassionate grounds.
Dental Expenses and SuperCare
Aside from medical services, SuperCare can also be used for different dental treatments. If your dentist recommends getting your dental problem done as soon as possible, and you don’t have a choice but to use your super, SuperCare can help! You can use this for:
- Orthodontics
- Dental implants
- Root Canal Treatments
- Periodontics
- Oral and maxillofacial therapy
Important Note: Consult with an experienced dentist first to understand the severity of your dental condition, and they may help you in compiling your documentation. If you work with Dentist Near Me Toongabbie, our staff will walk you through the steps of applying for your SuperCare. Plus, you’ll experience the benefits of early access to super for your dental treatments.
For regular dental check-ups, cleanings, and non-emergency procedures, other options like private dental insurance or government programs targeting preventative care may be more suitable.
The Superhero For Your Medical Expenses
Superannuation is a valuable financial tool for building retirement savings. However, for eligible individuals facing sudden medical expenses that lead to out-of-pocket fees, early access to super or SuperCare can help take that burden from them.
Remember to utilise SuperCare responsibly only after considering the long-term consequences for your retirement security.
And if you’re concerned about your dental health and you think you might need treatment, Dentist Near Me Toongabbie is here to help. We offer a wide range of dental services for you and help you with your SuperCare application. Book a consultation with our skilled and compassionate dentists today!
