Use Your Super Fund - Australia
A Stress-Free Solution for Unexpected Dental Costs
What Is a Super Fund?
A superannuation fund, or super fund, acts as a financial safety net designed to help you save and invest for your future retirement. These funds grow over time by investing in stocks, bonds, and property, with the added bonus of tax benefits and the option to add extra money whenever possible.
Many people use their super fund to cover dental surgery costs for themselves or their families. The super fund offers an excellent option for unexpected expenses, providing relief during tough times. In a world where life’s demands can be financially overwhelming, tapping into your super funds provides a means to manage costs effectively, allowing you to navigate difficult circumstances and move forward.
How Do I Use My Super Fund?
Using your super fund to cover dental costs involves applying for the Compassionate Release of Super (CRS) through the Australian Taxation Office (ATO). You must first assess your eligibility by aligning with the ATO’s criteria, typically indicating severe financial hardship or compassionate grounds. Following eligibility confirmation, gather essential documentation, including a treatment urgency letter from our dental team and relevant medical reports.
Frequently Asked Questions About The Superfund
Using Your Super For Dental Implants
Who Benefits from This Payment Option?
Utilising the super fund for dental procedures benefits those without relevant or sufficient private health insurance, providing a financial safety net for necessary treatments. It mainly aids individuals who lack access to adequate funds or face financial constraints, offering a viable solution to address dental care needs. Patients with family members who have superannuation funds can also benefit, as they may be eligible for early release to cover their own or their family's dental expenses.
Can I Use My Super Fund for Dental Implants?
Dental implants are recognised as a qualifying procedure for super fund funding under the Superannuation Industry (Supervision) Act 1993, with FoX Implant Centres' implants meeting the criteria. This process is facilitated by partnering with industry leader SuperCare, streamlining the application and approval process for patients seeking to use their super funds for dental implant procedures. With SuperCare's expertise and FoX Implant Centres' recognised quality, patients can confidently explore this financing option for their dental implant needs.
*Disclaimer/ Waiver
We do not & cannot provide financial advice. The information provided is not (& cannot) be deemed as financial or tax advice as we are not financial or tax advisors. Always seek professional advice before making any financial decisions. Not all dental treatments and conditions are suitable for Compassionate Release of Super. Our dental team will diagnose your specific ailment and let you know if you are eligible under the legislative criteria to apply for the use of your super to fund your dental treatment.
The ATO and your superfund will decide to approve or decline your application. Everyone’s dental health situation is different, therefore requiring a personalised treatment plan. Please book an appointment with our dentist to find out exactly what type of dental treatment is best for your particular situation.