Use your super fund to cover dental treatment costs
As of July 1 2018, you can now access your super fund a lot more easily to help pay for the costs of essential dental treatment. It’s all been made possible by the Australian Tax Office (ATO), who have simplified the process of Early Release of Superannuation (ERS).
What this means is that as long as you have a genuine medical reason to obtain dental treatment and can prove it, you’ll be able to dip into your super fund within a reasonably short time to pay for it.
What dental treatment can be accessed with ERS?
If you’re seeking cosmetic dental treatment, then you probably won’t qualify. However, if the dental treatment you’re after can be justified on medical grounds then you’ll have good reason to successfully apply for ERS.
Essential dental treatment that ERS can be used for can include:
- Orthodontic treatment to correct your bite and improve chewing ability
- Root canal treatment to restore an infected tooth
- Dental implants to replace missing teeth
- Oral surgery to treat oral conditions
- Crowns to restore heavily damaged or decayed teeth
How do you apply for ERS?
The ATO has strict guidelines and rules for the dental treatment that you can access via ERS. The ERS application process first begins at your initial assessment and consultation with your Leeming Dental dentist. They will provide you with a comprehensive treatment plan along with the necessary documentation of your oral condition. These may include scan, x-ray, photographic and video proof of your oral condition.
Your treatment plan will outline the dental work that your treating dentist advises along with a fee schedule. We will also discuss your next step on how to proceed with your ERS application since this is a government process that requires a lot of boxes to be ticked.
Since your ERS application has to cover the total costs of treatment, you’ll need to confirm that your super fund can cover the amount. You can also apply for ERS for your partner and children.
How long does an ERS application take?
You won’t get instant approval since this is a government application process and there can be delays. However, if the application steps are completed comprehensively along with a timely submission, expect approval to be granted from between 3 to 6 weeks.
Keep in mind that once you have approval, it may take another few weeks for your superannuation provider to release your funds.
Leeming Dental is with you every step of the way
To discuss your ERS options, call our helpful reception to book an appointment on 08 9310 3367. We will help you to apply for ERS and access the dental treatment you need. We also advise that you consult with your financial advisor if you are considering ERS.