Dental implants can be an expensive treatment option, where a titanium screw is inserted into your jaw, becoming your new tooth root for a crown. The dental treatment is perfect for anyone looking for a permanent solution to missing or rotten teeth, but it can cost thousands. We are frequently asked if your super can be used to cover the cost of your dental implants, and we are here to provide the answer you want.
Yes, your super can be used for dental implants, and there are several benefits to using superannuation funds to cover your dental treatment. Read on to learn about the benefits of using your super and how to process the early release of superannuation funds to cover your dental implant treatment.
Your superannuation fund, overseen by the Australian Taxation Office (ATO), is designed to be paid into throughout your working life and accessed when you retire or reach 65. when you access the funds, you can use them for dental care, covering the expensive cost of treatments like dental implants or extractions. You can also apply for an early release of your funds, allowing you to pay for dental care when needed rather than waiting until retirement age.
In critical situations, your superannuation fund can be accessed on compassionate grounds when you provide evidence of severe and persistent dental pain. To qualify for early release of superannuation funds to pay for your dental implants, you need to prove the following:
The pain persisted for an extended period and showed an increase in intensity over time
A medical report detailing the condition's progress to substantiate the pain
Your medical report must be submitted to the ATO for validation before the funds can be released to cover your medical treatments. Each request is evaluated individually, and eligibility does vary depending on personal circumstances.
Using your super fund for your medical treatments like dental implants has a few benefits, including investing in your health and not needing to worry about footing the bill. We have outlined the main benefits to consider below:
By accessing your super fund early, you can access necessary care, improving your quality of life. Having dental implants can help remove any pain or discomfort you might have and restore normal function to your mouth. If your teeth are impacting chewing and digestion, starting the dental implant process can help with that and ensure that you get the treatment you need without worrying about footing the bill.
It's no secret that dental implants can be an expensive option. But by accessing your super fund early, you have a larger budget to play with. This means you won't need to make sacrifices for the care you need, allowing you to create your dream smile worry-free. With access to a larger budget, you can ensure that the work is carried out to a high standard, using experienced dentists who will work tirelessly to give you your dream smile.
It can be daunting to use your super fund to pay for your dental work, but you can consider it a long-term investment in your health. Not only will dental implants transform your smile, but they can also help you achieve a healthy mouth and improve oral hygiene and health. By having your treatment done sooner rather than later, you can also avoid more serious and expensive dental work, saving you money in the long term.
Alongside the benefits, there are a few drawbacks that you should consider before taking money out of your superannuation funds to cover your medical treatment, including having less funds and security in your retirement pot. We have outlined the drawbacks you should consider below:
Accessing and removing money from your superannuation fund before your retirement age can impact your savings, leaving you with less to live on. How much this impacts you depends on the savings you have in your super fund, but it's worth considering how much money you will be putting back into your fund before you retire. Will you be able to cover what you have taken out, or will you be left struggling to survive on the money that is left? It is important that you consider this carefully to ensure you are making the right decision for your finances and your health.
Accessing your superannuation funds based on compassionate grounds involves a complex application process. You need to supply plenty of evidence and complete the form itself, which can be very time-consuming. You need to ensure that the form and the information you have provided will meet the approval of the ATO, which can increase the time it takes you to complete the form.
Not every dental treatment qualifies for early release of your super funds. While dental implants do, if you need additional treatment before you can have the implants, you might need to pay for this yourself. Any appointments after the treatment also won't be covered, and you might find that you need to pay for additional work, like regular cleanings.
To access your super fund to pay for dental implants, we recommend that you follow the steps outlined below. The process can vary slightly depending on any other dental work required, but typically, you can expect the following:
Before you begin, you will want an initial consultation with your dentist to discuss your options. They will determine if dental implants are the right treatment approach for you and discuss any other issues that might need addressing.
You will receive a cost estimate from your dentist, too. It is important that you get this as you will need to know how much money you plan to withdraw from your super fund.
It is best to speak to a financial advisor before taking any money from your super fund. A financial advisor can walk you through all the implications and options for accessing your super fund, helping you to decide if it is the right choice for you.
When you have decided that accessing your super fund is the right choice, you will need to complete and submit the Early Release of Superannuation form. You can find this form on the ATO website. You will want to provide as much detail as possible to prove that your dental implants are an essential treatment that you need to reduce pain and improve your quality of life.
The ATO will review your application to see if you meet the eligibility requirements. It can take anywhere from a few weeks to months for this to happen, so don't worry if you don't have a response immediately. The speed at which the ATO makes its decision will depend on the complexity of your case and its current workload.
To help speed up the process, we recommend that you provide all the required documentation when you submit your application and try to remain patient until you have a decision.
When your application is approved, the ATO will release the funds to you. These must be transferred to your dental provider as soon as possible to ensure they are only used for your treatment.
After you have received your funds, work can begin to create your dream smile. Your dentist will arrange your appointments for when your treatment will begin and any other dental work required before your dental implants can be installed.
Having your dental implant treatment covered by your super fund can take the strain off you financially and mark the end of acute or chronic pain caused by your dental issues. While there are some drawbacks to using your super fund for dental care, it does remove the stress of paying expensive dental bills and ensures that you get your dream smile. Here at Gorgeous Smiles, we have experienced dentists waiting to help bring your smile dreams to reality. Learn more about our dental implant treatment at our Melbourne CBD clinic and see what your new smile could look like today!
You must be logged in to post a comment.
