Ask an Adviser -Should I Withdraw Funds From My Super To Pay For Major Dental Work? (2)

Hi Yvette,

Thanks very much for reaching out.

I can empathize with you here as my mother has very recently had to undergo major dental surgery which has been quite a challenging experience from both a financial and physical perspective.

I appreciate that private health insurance can be quite a significant expense and in most cases will require substantial waiting periods before major dental is a claimable event.

The good news is that superannuation could be accessible dependent upon you satisfying what’s called 'A condition of release’.

I’ll refer you to some reading on the ATO website here which outlines who is eligible to access their super early and in what scenario, as well as the necessary application process to request an early release of super.

At a high level this is what’s required:

1. 2 x medical reports which clearly outline that you require medical treatment for acute or chronic pain
2. Online application form lodged through MyGov – you should speak with your super fund before applying to ensure they allow early release of super- the ATO will assess your application within 14 days of submission
3. If approved, you must contact your super provider to arrange the release of your money – you must provide the super provider with a copy of your approval letter.

In any instance, I believe it would be worthwhile speaking with a financial adviser before applying to determine your eligibility and also to look at putting some steps in place to build up your emergency fund for the future.

I hope this helps!