The December 2024 article states:
Generally, your super is meant to be untouchable until you retire.
However, there are limited exceptions to this rule. You can withdraw money from your super account if you're in severe financial hardship or need it for medical procedures.
The number of Australians accessing their super early for medical procedures has risen sharply in recent years, from 22,700 applications approved by the Australian Tax Office (ATO) in 2018–19 to 47,400 last financial year.
Experts say the rise isn't surprising given the cost-of- living crisis, but taking advantage of that rise are specialist third-party companies promising to "help" you with the paperwork to get access to your own money, for a fee.
Experts say thousands of Australians may be left with significant holes in their retirement savings without fully understanding the ramifications
A joint CHOICE/Super Consumers investigation into these companies and the way they operate in the field of dentistry has found potentially concerning conflicts of interest and, in some instances, coaching of clients on ways to get around the strict ATO rules that limit when super can be released.
At least one dentist is under formal investigation by the medical regulator, relating to a client referred by one of these third-party companies, and experts say thousands of Australians may be left with significant holes in their retirement savings without fully understanding the ramifications.
The article states, there are two major companies offering third-party assistance in getting early access to super on medical grounds: My Super Care and Access My Super.
My Super Care's website says they have "helped countless Australians apply for the Early Release of their superannuation", and goes on to list a series of dental procedures that they can assist with applications for, such as crowns and braces. "Braces are just not a cosmetic procedure to improve the look of your smile – they can also be a permanent orthodontic solution to serious dental conditions," they say.
They also suggested some dentistry clinics that may pay the $780 fee up front for you and recoup the costs once the application was approved
My Super Care told CHOICE, the fee to lodge a dentistry application was $780 upfront, but that there was a no- approval, no-fee guarantee which would grant you full refund if your application failed.
They also suggested some dentistry clinics that may pay the $780 fee up front for you and recoup the costs once the application was approved.
Access My Super makes similar promises of a smooth and easy process. "Our friendly team takes care of the application and lodgement process for you, allowing you to focus on your brand-new smile." They also say they "can help you … to access your super to fund all of your dental treatments". Access My Super charges a $679 upfront fee to do the application for you. Read more: Superannuation scams are costing Australians millions. Can we stop them?
Growing concerns......................... A spokesperson for the Australian Health Practitioner Regulation Agency (AHPRA) tells CHOICE that, "Providing misleading information to support a patient's request to draw from superannuation is potentially grounds for the Board to consider disciplinary action, in addition to any action that the ATO may deem necessary".
At Super for Health , whilst we are not prepared to make any comment on the article, but we make some strong points of difference to what has been published.
Super for Health differentiates itself by its strict adhering to ATO and AHPRA guidelines when assisting Practitioners and patients with the application to Early release on compassionate grounds. We highlight a governance framework in our process and commitment to protecting all patents, including referring for mandatory tax advice , whether it is from the patients personal accountant or Financial planner. Accessing super must be clearly explained to a patient so they have full transparency in what financial obligations they have, if they were to proceed with such application.
1. Experienced Health care Professionals
- Super for Health is the first Australian company to form an industry Clinical Advisory Committee within its business, that supports the application process for patients wanting to access Superannuation. We take governance extremely seriously and for this reason, we have formed a collective of dental and health professionals, clinicians who confer on dental/health -related topics to give Super for Health accurate and up-to-date information for patients.
2. Practitioner Support and Integrity
- Super for Health supports practitioners in upholding ethical standards, such as providing clear guidelines and webinar training on ATO compliance for early superannuation access.
- Super for Health’s protects your valued patients and Dental/ Health professionals with heightened governance and strict adherence to AHPRA and ATO guidelines.
3. Clear Ethical Boundaries
- Super for Health ensures early superannuation access is only pursued for conditions relating to the conditions set in strict alignment with ATO rules, avoiding cosmetic or non-essential claims.
These are conditions are:
Condition 1 – you are or have been a citizen or permanent resident of Australia or New Zealand
Condition 2 – you meet the eligibility requirements of the specific compassionate ground that you’re applying for medical treatment. In the case of dental - acute and chromic pain.
Condition 3 – you or your dependants' expense is unpaid or has been paid as a result of you borrowing money that remains outstanding.
Condition 4 – you can’t afford to pay part or all of the expense without accessing your super. That is, you can't pay the expense by
This is in direct contrast to companies like My Super Care and Access My Super, which were investigated for potentially misleading practices, coaching patients, and creating conflicts of interest.
4. Educating Health Providers
- Super for Health provides educational webinars, highlighting the conditions and processes on how we support the patient from start to when funds become available via the ATO approval.
5. Transparency in Processes
- Super for Health’s rigorous assessment process ensure applications meet both ethical and medical standards, protecting patients from tax burdens or financial misunderstandings. We insist that patients use their regular GP for completion of the application as they are more experienced to give patients advice in relation to the condition that they are applying for.
Super for Health positions itself as an industry leader, ethical, and patient-centered organization distinct from the companies criticized in the article for unethical behaviors.