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Unprecedented numbers of Australians dipping in to superannuation to pay medical bills

Growing numbers of Australians are dipping into their superannuation to pay for surgery and healthcare, prompting calls to tighten the rules on access.

Last financial year more than 26,000 requests for early access to superannuation to pay for medical bills were approved, up from 15,000 two years ago.

The amount of money released from superannuation to pay for healthcare has grown from $210 to $389 over the same period.

The most common healthcare services Australians are funding using their superannuation are IVF and lap band surgery.

Jordan George, Head of Policy at the Self Managed Super Fund Association, said access to superannuation for medical reasons is “absolutely” being misused.

“It should be your last resort,” he told 3AW’s Tom Elliott.

The federal government is looking in to tightening superannuation access rules.

Currently there is no maximum limit on how much money can be taken out for medical reasons.

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