How to apply for early super release due to medical conditions

Dealing with a serious medical condition can be emotionally and financially draining. In some cases, individuals may need access to their superannuation funds earlier than Retirement Age to cover medical expenses or loss of income due to their condition. Fortunately, there is a provision for Early Release of Superannuation on compassionate grounds, including medical reasons. In this article, we will discuss How to apply for early super release due to medical conditions.

Eligibility Criteria

Before applying for early super release on medical grounds, it is important to understand the eligibility criteria set by the Australian Taxation Office (ATO). To be eligible, you must meet the following conditions:

Be diagnosed with a terminal medical condition certified by two medical practitioners, one being a specialist
Have a medical condition that causes permanent incapacity
Require medical treatment or medical transport for you or a dependant
Need to make modifications to your home or vehicle due to a medical condition

Steps to Apply

Step 1: Obtain Medical Certification

The first step in applying for early super release due to medical conditions is to obtain the necessary medical certification. Depending on your situation, you may need a certification from one or more medical practitioners, including specialists. The certification should clearly outline your medical condition and the reasons why early access to your superannuation is necessary.

Step 2: Contact Your Superannuation Fund

Once you have the required medical certification, you will need to contact your Superannuation Fund to inquire about the early release process. Your fund will provide you with the necessary forms and information on how to proceed with your application. Make sure to provide all the required documentation to avoid delays in processing.

Step 3: Lodge Your Application

After completing the necessary forms and gathering all required documents, you can lodge your application for early super release due to medical conditions. It is important to double-check all information provided to ensure accuracy. Once submitted, your application will be assessed by your Superannuation Fund and the ATO.

Considerations

When applying for early super release on medical grounds, there are a few important considerations to keep in mind:

Processing times may vary depending on the complexity of your case and the completeness of your application
Early release of super may impact your retirement savings in the future, so it is crucial to weigh the pros and cons carefully
Seeking financial advice before making a decision can help you understand the long-term implications of accessing your super early

Final Thoughts

Dealing with a medical condition can be challenging, both emotionally and financially. If you find yourself in need of early access to your superannuation funds due to medical reasons, it is essential to follow the proper steps and provide all necessary documentation to support your application. By understanding the eligibility criteria and the application process, you can navigate the process more effectively and secure the financial support you need during difficult times.

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