Using Superannuation To Pay For Your Stay
Accessing superannuation early can remove financial barriers and access high-quality care.
In Australia, superannuation is meant to help individuals save for retirement. However, in some cases, people can access their Super early to cover medical costs like addiction treatment. This requires meeting specific conditions and approval from the Australian Taxation Office (ATO).
For those struggling with addiction and lacking funds for treatment, early access to Super can help remove financial barriers and secure quality care.
To qualify for early release on compassionate grounds, individuals must provide medical documentation showing the treatment isn’t readily available through the public healthcare system.
This must come from a registered addiction professionals and demonstrate that treatment is essential to improving their health and quality of life.
How we can help.
Our partners can help guide you through the process of applying for early release of superannuation for addiction treatment. We understand the stress and challenges this can add during an already difficult time.
They’ll provide up-to-date information on your eligibility for compassionate release of super and help secure the necessary medical reports, including treatment plans and expected outcomes.
If you’re considering accessing your super for addiction treatment, contact our team. We’ll connect you with our partners to help facilitate the process.
What to consider before applying.
Withdrawing Super early will reduce your balance, so it’s crucial to first explore all other financial support options first.
For compassionate grounds, the withdrawn funds are taxed as a super lump sum, with rates between 17% and 22% for those under 60.
Since not all super funds permit early access, switching funds might be an option, but consider the possible consequences, such as losing insurance for pre-existing conditions.
Carefully consider the advantages and disadvantages of early super access. You may want to speak with a financial counsellor. To find one, visit the National Debt Helpline or call 1800 007 007.
