BEWARE OF DENTAL TREATMENT SCHEMES PAID FOR BY YOUR SUPER

There have been numerous reports of Australians seeking funds to pay for medical or dental treatment by way of a request to draw down their superannuation funds.  Not only is this occurring  in ever increasing numbers but at the same time there are dental practitioners spruiking schemes that allow patients to pay for complex and expensive dental work which will allegedly be funded by their super balance.  This is supposedly on “compassionate” grounds.

There are few things that you need to be absolutely clear upon if you are ever going to consider this type of payment scheme.

Firstly according to Australian Tax Office rules it is only medical or dental treatment relating to a life-threatening illness or injury, or to alleviate acute or chronic pain, that is eligible for payment funded by super funds withdrawn on compassionate grounds.

 Cosmetic issues relating to teeth can certainly lead to anxiety but do not automatically qualify a person to pay for this treatment from their super savings.

Give some consideration to the effects of drawing on superannuation early will have on your future wellbeing and financial independence.

Any decision to have complex and expensive work should only be undertaken when you are fully informed.  A key part of gathering information is most definitely consulting with a specialist as well as your trusted local general practitioner.  Get a third opinion if you are not sure! 

Our team of dentists at Brookfield Road Dental at Kenmore are here to listen and advise.

Any complex dental treatment needs to be well considered and never rushed into.  The effects of poor choices here will not only affect your dental health now but potentially your future wellbeing.

For more information see here, here, here