Did you know that you may be able to request for part of your superannuation early to help pay for your weight loss surgery or other applicable medical procedures?
Accessing your superannuation can be done through a number of channels, either directly through your specialist and GP, via a third party, or during the current COVID-19 situation via the ATO.
Before June 30, 2020, in the present COVID-19 climate, you may be able to access $10,000 from your super fund and an additional $10,000 after June 30, 2020. You will not need to pay tax on amounts released and will not need to include these amounts in your tax return. Also, no forms are required from your doctor. Learn more here.
You should check with your accountant and financial advisor.
Hospital – $16000
Surgeon – $5300
Anaesthetist – $2000
Surgical Assistant – $300
Dietitian – $380 (package for 3 visits)
Total Estimate*: $24,000 (Patients can expect some Medicare refunds)
*These costs are an estimate only. Final costs can only be provided after an initial consultation with Dr Stephen Watson.
Applications can be done by the patient in appropriate cases with forms from the specialist and GP to be submitted to the ATO.
If you currently have health insurance and are eligible to claim your health fund benefits for your weight loss procedure, you may be able to access your super to help fund the gap payment.
Take a look at our fees page to see the fees and gap payment/rebate for patients who currently have an eligible health fund.
SuperCare and Access My Super can facilitate you through a process of contacting the ATO for the approval to request that your superannuation fund trustee release part of your super early. This release of funds can be used to fund weight loss surgeries.
This is a great option for patients who require weight loss surgery, but do not have the funds to pay the excess costs of surgery. It’s also possible to use this method to pay for family members who are in accordance with the Superannuation Industry and unable to pay their surgery costs.
However please note that your superannuation fund has the right, based on its policies, to refuse the release of your super funds, even with ATO approval.
If you would like to request more information, submit an enquiry below.
See what other patients have asked.
See what other patients have asked.
Early release of super can be claimed by patients who are undergoing sleeve gastrectomy, lap band or gastric bypass surgery. If your super fund allows for early release of super, you have adequate funds to access and have no other means to pay for your procedure, you may be able to request early release of your super.
You will need:
Before attending your consultation, you should check with your super fund that you have enough funds to cover the procedure. You should also make sure that all your details are up to date in your MyGov account.
Make sure you bring:
In most cases, you are able to access funds from your spouse, partner, child or dependant's superannuation. Ask us for more information during your consultation.
Generally, it takes around 4-6 weeks to be approved and paid by your super fund. There can sometimes be delays when approving early release of superannuation, so this is just a guide.
Surgery, in most cases, is booked in advance, which means that you should receive payment about 1-2 weeks prior to your surgery.
Yes, the Government will tax a portion of the amount you withdraw from your superannuation. For more information about this, contact the ATO.
You are still required to submit an application and receive approval from the ATO to withdraw from your super fund. Our team can help you through this process.
It is very rare for a patient not to be approved for early release of superannuation to help fund weight loss surgery. Our team can help you through the process, step by step and make sure your application is completed correctly. If you're unsure about any part of the process, please let us know and we can walk you through it.
Fill out the form and one of our friendly staff members will be in touch soon.