Super access for bariatric surgery OK

People will still be allowed early access to their superannuation to pay for weight-loss surgery and other healthcare.

People will still be allowed early access to their superannuation to pay for weight-loss surgery and other healthcare after a Treasury review heard it “could be beneficial in a world of finite government resources”.

While the existing rules around compassionate access were found to be largely approp­riate, there will likely be some clarification insofar as applications for mental health and dental treatment, disability aids and modified vehicles are concerned.

People wanting to access their superannuation in times of severe financial hardship would also face new restrictions, ­ostensibly to protect them from themselves.

Among the proposals in a Treasury options paper is to change the maximum amount able to be released in such circum­stances from $10,000 per fund over a 12-month period to $10,000 per individual over a 24-month period.

Assistant Treasurer Stuart Robert has already announced a proposal to provide early access to victims of family and domestic violence, who would be able to draw down the same amount of retirement savings as those suffering severe financial hardship.

The options paper confirms people wanting to access super to pay for weight-loss surgery will not face any further hurdles.

That is despite a massive increas­e in applications, which partly prompted the review, and the amount released on medical grounds increasing by almost a third, last year alone, to $278 million.

SEAN PARNELL