Can I Use My Superannuation for Weight Loss Surgery?
Early Release of Superannuation for Weight Loss Surgery in Brisbane
Access to weight loss surgery in the public hospital system is often limited. As a result, eligible patients may apply for the early release of their superannuation to help fund bariatric surgery in a private hospital. This option is available to both insured and uninsured patients under compassionate medical grounds.
This pathway may be suitable for individuals with a high BMI and weight-related health conditions, where surgery is considered medically necessary. Released funds can be used to cover all out-of-pocket expenses associated with the procedure.
If you’re interested in exploring this option, please don’t hesitate to speak with our friendly staff — they’re here to support you through the entire process.
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Common Questions (FAQs)
Who can apply for Early Release of Superannuation?
- Patients undergoing a Sleeve Gastrectomy, Gastric Bypass, Mini-Gastric Bypass, Orbera Balloon, Abdominoplasty
- Patients who have no other way to pay eg. savings
- Patients with adequate superannuation funds to access (see costs for uninsured patients)
- Patients with a superannuation company that allow early release of their superannuation
I don’t have enough Superannuation, can I access another person’s?
Yes. In most cases you can also access the superannuation of your spouse, partner, child or other dependant.
What will I need to access my Superannuation?
- A MyGov account.
- An Australian Taxation Office (ATO) account linked to your MyGov account.
- A completed medical practitioner report provided by your treating healthcare professional (documentation will be supplied once your procedure has been scheduled).
- A completed supporting report from your GP (documentation will be supplied once your procedure has been scheduled).
Documentation requirements for early release of superannuation may change and are subject to current Australian Taxation Office (ATO) guidelines and eligibility criteria.
What do I need to do before my consultation?
- Call / Log in to the Superannuation fund and ensure you have adequate funds to access
- Ensure your ATO account and MyGov is up to date
How long does it take to access Superannuation?
The entire process takes approximately 3 – 6 weeks to be approved and paid. Please keep in mind that there can be delays with approving your Superannuation with the Australian Taxation Office.
How soon can I book my surgery If I go through Superannuation?
Surgery is usually booked 4 – 6 weeks in advance. Full payment is required 2 weeks prior to surgery.
Can I pay for my surgery and then claim the money back from my Superannuation?
No, Early Release of Superannuation is for unpaid costs only.
Will the money I access from my superannuation be taxed by the Government?
Yes, the government does tax a certain percentage of the amount withdrawn. To clarify this further please contact the ATO on 13 28 61.
Will this affect my Centrelink benefits?
This may or may not affect any current payments you are receiving from Centrelink for the financial year. This will depend on your individual circumstances. Please contact the Department of Human Services if you would like more information.
Do I still need to complete an application if I have a self-managed account?
Yes, you will still need to complete an application as you will require approval from the ATO to access your superannuation funds.
What happens if I cancel my surgery after my Superannuation funds have been released?
If you cancel your surgery after you have been approved for your superannuation, and those funds have been released to you, we are legally obliged to write to the ATO and advise them. The ATO will then contact you in this regard.
Are people commonly accepted when applying for Early Release of Superannuation?
99% of Brisbane Obesity Clinic patients are approved for Early Release of Superannuation. Our staff go through the application process in detail to make sure our patients are applying correctly. We will supply step by step instructions at your consultation to simplify the application process.