Early Release of Super for Dental Treatment

Pursuing Early Release of a Super for Dental Treatment: What to Know

Are you pursuing the early release of a super for dental treatment? If so, you might be wondering what the steps of the process are, or whether you even qualify for early release of your superannuation fund. At Access My Super, we regularly work with clients to access their supers early—for a range of reasons but including purposes of dental funding. We can provide the information and advice you need.

Can I Use My Super for Dental Work?

If you are asking questions such as ‘Can I use my super for dental work?’ or ‘How do I initiate early release of my super for dentistry work?’ Your first step should be to contact Access My Super. Dental treatments do qualify for early release of superannuation funds in some situations, but whether you are eligible will depend on your specific circumstances. In general, a person who meets the following three criteria will be a candidate for early superannuation dentist release:

  • You do not have relevant or sufficient dental insurance to cover the procedure
  • You are unable to afford the procedure given your current financial situation
  • You or an immediate family member has a superannuation fund

Types of Dental Procedures That Might Qualify for Early Release of Super for Dental Treatment

If you meet the requirements laid out above, then you might start asking whether specific types of dental procedures qualify for early super access. For instance, a common question at this stage might be ‘Can I use my super to pay for dental implants?’ Here is a partial list of procedures that may qualify you for early super access:

  • Dental implants
  • Dental crowns
  • Braces/orthodontic care
  • Root canal surgeries
  • Periodontics treatments
  • O&M surgeries (oral and maxillofacial)

The expense and the necessity of the treatment in question will be factors in determining whether you can pursue the early release of funds from your superannuation. At this juncture, communicating closely with your dentist and/or orthodontist will be as important consulting with our team at Access My Super. In fact, we ask that all clients seeking the early release of a super for dental purposes provide us with a quote from their dentist for a specific treatment or procedure before we start the application process.

Can I Access My Super for Dental Work? Other Factors to Consider

Getting an answer to questions such as ‘Can I access my super for dental work?’ is more complicated than just determining eligibility. Indeed, even if you can qualify for early release of your superannuation, some factors might cause pause for you as you consider that option. Here are a few such factors that are worth considering before you get started:

  • You are accessing something intended for retirement: The reason that superannuation funds are so difficult to obtain early is that they are specifically designed for retirement savings. Even if you can access your super prematurely, there can be cons to doing so—especially the fact that you are leaving yourself less money for the future. Of course, if you are facing financial hardship right now, you are likely most concerned about what happens in the immediate future—not the distant future. Still, thinking ahead a bit and asking how this action will affect your retirement plans is worthwhile.
  • You will pay taxes on the money you withdraw: Once you reach the age of 60, any withdrawals from your super fund will not be taxed. If you withdraw when you are younger, though, you will face hefty taxes—on average, around 20 percent on the sum you withdraw. Also, your withdrawal will count as income on your taxes and may impact aspects such as child support payments or family tax benefits.
  • Exhausting your super may take away significant benefits: In most cases, if you are wondering how to access your super for dental work, you aren’t at much risk for exhausting your entire superannuation. Dental and orthodontic procedures are expensive, but they aren’t that expensive. Still, it’s essential to understand that if you do empty your entire super, you could be losing key insurance benefits—such as income protection or death/disability insurance—that you don’t have elsewhere.

For these reasons and others, it is never a bad idea to consult with a financial advisor before deciding whether accessing your super early is the best option for you.

Why Trust Access My Super for Help with Early Release of a Super for Dental Treatment

If you’ve decided, ‘Okay, I’m interested in accessing my super for dental work,’ the next step is contacting Access My Super to get the ball rolling. We will help you navigate every step of the process, from applying with the Australian Taxation Office (ATO) to getting approval from your super fund. Here are a few reasons to trust us to act on your behalf throughout this process:

  • We are honest: As you can see from the above section, we are sincere and transparent when it comes to discussing the pros and cons of accessing a super fund early. This option is not right for everyone, and we are happy to chat with you to determine whether it makes sense given your situation.
  • We understand the problem: Our staff consists of skilled, knowledgeable and empathetic professionals who know how super laws work and why accessing a super early for dental work might be necessary. We know, for instance, that 10 percent of insured Australian adults still pay for dental care out of pocket, and that nearly 20 percent of that population faces financial hardship as a result. Because we understand the very real strain that dental expenses place on the lives of many Australians, we are well-positioned to provide a workable solution.

About Access My Super

Access My Super has a nationwide presence. We help individuals obtain early access to their supers to pay for everything from in-vitro fertilisation to emergency surgeries. If you need help negotiating an early release of a super for dental treatment, we are the team to help. Contact us today to get started