Accessing Super for IVF
What You Need to Know about Accessing Your Super for IVF
If you are looking into fertility treatments such as in-vitro fertilisation (IVF) you may be wondering whether accessing your super for IVF is possible. At Access My Super, we work with clients to initiate the release of superannuation funds for a range of different medical treatments. If you do not have the financial ability to pay for IVF out of pocket, you might consider working with us to explore the possibility of using super funds to pay for the procedure.
What You Need to Know about Early Superannuation Release
Before you commence a detailed exploration of the early release of superannuation for IVF, it is useful to know a few details about accessing superannuation funds. These titbits include:
- Super funds are typically intended for retirement: In the majority of cases, it is not possible to access your superannuation fund until 1) you reach your ‘preservation age,’ and 2) you retire. Depending on when you were born, your preservation age should be between 55 and 60. It is around this age that most people will seek to access their super.
- There are circumstances in which you can access your super early: There are limited circumstances under which you will be able to access your super ahead of retirement age. These include incapacity, severe financial hardship, terminal illness and compassionate grounds. If you are seeking the early release of a super for IVF, your argument will typically fall under either severe financial hardship or compassionate grounds (which usually have to do with paying for a medical treatment you can’t afford).
- Some—but not all—superannuation funds will allow early access: Even if you have a good case for compassionate grounds or severe financial hardship, some super funds will not allow early access. It is worth researching your particular super fund to determine how receptive it is to early access requests.
Can I Access My Super for IVF?
At Access My Super, one of the questions we hear most frequently from prospective customers is ‘Can I access my super for IVF?’ Couples or individuals who want to start families and see IVF as the only option to do so are worried about the costs of the procedure and turn to us for help. The good news is that, yes, IVF superannuation access is possible. In fact, using super funds to pay for IVF is increasingly common in Australia. Here are a few facts and figures concerning the matter:
- Early access to superannuation funds is growing in general: According to a 2019 Sydney Morning Herald article, about $200 million is released from super funds on medical grounds (including compassionate grounds) each year. That figure has increased from about $25 million in 2010.
- IVF is one of the most common uses for early super fund releases: Individuals seeking access to their superannuation for fertility treatments (IVF included) account for a substantial percentage of the overall requests. In fact, IVF is one of the most common medical uses for early-release funds, alongside dental work and weight-loss surgeries.
- Early super access is possible for other fertility treatments as well: In addition to IVF, it’s possible to access super funds early for other fertility treatments as well. These include obtaining donor eggs or donor sperm, freezing eggs and more general women’s healthcare.
What Steps Are Necessary for Accessing Superannuation for Fertility Treatments?
You can learn more about the process behind getting early access to your super by reading this page. In brief, though, the steps include:
- Determining if you meet the necessary conditions
- Applying for early release with the Australian Taxation Office (ATO)
- Applying to your super fund
At Access My Super, we can help you work through these steps to explore the possibility of using your super for IVF. From counselling you on qualification requirements to assisting with ATO paperwork, we will be there every step of the way until your super is released.
Why Trust Access My Super Regarding Accessing a Super for IVF?
Pursuing IVF is a big decision that can be difficult to make—especially if you have financial limitations potentially holding you back. In this setting, you need an ally who you can trust to be helpful, informative and compassionate throughout the super release process. Here are a few reasons you can count on our team at Access My Super:
- Our guarantee: We offer a 100 percent guarantee, which means you won’t pay a fee unless we obtain your ATO approval.
- A compassionate, friendly team: We understand how stressful it can be to deal with government paperwork and superannuation requirements when your ability to start a family is hanging in the balance. Our compassionate team consists of trained and knowledgeable professionals who will handle the process on your behalf, keep you updated from step one and answer any questions you may have.
- A simple application process: Our application process is simple and painless. We won’t ask any personal questions and will instead get to work trying to understand your financial situation and how it will impact your approval.
About Access My Super
‘How am I going to access my super for IVF treatment?’ If you are asking this question, contact Access My Super today. We help clients nationwide to understand the rules of early super release and to navigate them to the end. We are your partners for accessing a super for LVF, and we look forward to doing what we can to help you.