When you find yourself facing unexpectedly high medical bills, you may reach a point where you think, “I need to find out how to access my super.” Though typically unavailable to you until the attainment of the preservation age level applicable to you (most often 60, for those born after 1964), there are circumstances under which the ATO will approve the release of funds from your super based on compassionate grounds — and uncovered medical expenses apply. At Access My Super, we are here to help you understand how to tap into these funds and what next steps you should take.
Understanding How to Claim Superannuation Funds Before Preservation Age
While it can seem daunting trying to access these funds, knowing what it involves can make the process less scary. Take these steps:
- Determine if your fund allows for early access. While unfortunate, it is true that not all superannuation funds make exceptions for severe financial hardship or a compassionate release on the grounds of imminent medical expenses. Contacting your fund and asking questions about this process should be among the first steps you take.
- Develop the ability to show that the funds are necessary. Some of the hardship options include medical expenses, but an urgent need to pay your mortgage to avoid foreclosure may also qualify. Check out our full fact sheet on this subject for an in-depth look at what allows you to qualify.
- Contact Access My Super for an easy, managed approach to your application. We provide a 100% guarantee with a “no approval, no fee” policy. You pay only our initial preparation costs and nothing else if the ATO does not approve your release.
Extract the Most Value from Your Super Funds After A Successful Claim
With access granted, how can you make the most of this opportunity to claim funds?
- For medical expenses, have a treatment plan in place to expedite receiving the assistance you need to improve or maintain your health and comfort once you withdraw money.
- Understand precisely what you can use the funds for — treatment is the clear and obvious choice, but did you know that you can also use these monies to pay for transportation to and from your treatment provider?
- Access only what you need. While the need to withdraw from your superannuation is typically a last resort scenario to begin with, preserving what funds you can is also a good idea. Developing the aforementioned treatment plan can be a vital key to understanding how much funding you will require.
Asking “How Can I Withdraw My Superannuation?” Discover Answers with Access My Super
At Access My Super, we believe that everyone in need deserves a fair chance to receive financial relief based on the hard work you’ve done to pay into your fund already. By working with us throughout the process, you can trust in having an ally on your side that will ensure the appropriate completion of every step along the way. Don’t forget to read up on our fact sheet, and when you’re ready to take the next steps to withdraw from your super, contact us today.