Keep reading this article to find out:
• How to access your super early to fund mental health or addiction private treatment programs
• Why people might choose to access their super early to fund mental health or addiction private treatment programs
• If it is a difficult process to access your super early on compassionate grounds
• If The Banyans can assist with managing the early release of your super to fund their private mental health and addiction treatment programs
Accessing super early on compassionate grounds to fund private treatment programs may be helpful for individuals suffering from mental health or addiction concerns for many reasons. These may include overcoming the barrier of the out-of-pocket expense of private treatment, or getting treatment sooner by avoiding potentially lengthy waiting periods for public sector treatment. When funded by super, gaining immediate access to The Banyans private treatment programs can be advantageous to those who may not have been able to otherwise access (or may have delayed) necessary treatment. For better outcomes and improved quality of life, it’s vital to receive treatment as soon as possible – therefore, accessing super early may provide improved access to treatment for some individuals.
Waiting periods to enter public sector treatment may be lengthy. Those suffering from mental health or addiction issues may require more immediate entry to get the vital treatment they need. The Banyans private rehab programs offer immediate access to quality care, allowing people to get the help they need sooner, which can lead to better outcomes.
Many people who require rehab may need help to pay the out-of-pocket expense of a private treatment program – this can pose a barrier to accessing the treatment they need. However, some individuals may be able to overcome this barrier by accessing their super early to fund a private treatment program.
The Banyans offers intensive, comprehensive medical treatment programs with holistic therapies delivered by a multidisciplinary team of industry-leading health professionals. When it comes to powerful treatment that can offer improved long-term results, like those on offer at The Banyans, options can undoubtedly get costly. For individuals unable to afford this out-of-pocket, accessing their super early may mean they can now access our programs – where this would otherwise not have been the case.
Individuals suffering from mental health or addiction difficulties can apply for the early release of their super on compassionate grounds through the Australian Tax Office (ATO). This also applies to those funding private rehab programs for their dependents.
To apply, individuals must meet specific eligibility criteria, require a medical assessment and report from a consulting Psychiatrist and General Practitioner, provide supporting documentation and obtain a quotation for the mental health or addiction private rehab program for which they are seeking treatment. The ATO will assess your application and determine whether you meet the criteria for early access. If approved, the funds will be released to you to pay for the private rehab program.
The process isn’t necessarily difficult but can be technical and time-consuming. Accessing the right medical professionals on time for your application can also be challenging. The ATO can also reject applications that do not meet the eligibility criteria, or if the required documentation is not provided, so it’s crucial to ensure that you have a complete and accurate application before submission.
For those managing mental health or addiction disorders and seeking treatment, this process alone can often add another layer of stress during a difficult time. Lengthy waiting periods for public sector treatment, issues with super-release applications, or time delays in the super-release can hinder or prevent people from getting the help they need.
At The Banyans, we know it’s crucial that those seeking treatment get help as soon as possible for an improved quality of life. We work closely with Release my Super to manage the process with clients, ensuring the best outcomes can be achieved. Release my Super are highly experienced and accredited to work with the compassionate release of super and ensure the process runs as smoothly and swiftly as possible. Due to the potentially complex nature of applications, difficulty accessing the right health professionals, issues that may arise, eligibility criteria, communications around your application, as well as the added level of stress involved during a difficult time, many of our clients find it helpful for The Banyans and Release my Super to manage their application for them to ensure optimal results. Additionally, we have had a 100% success rate of superannuation application approvals.
If unaddressed, mental health and addiction difficulties can have damaging effects on individuals, their families, and others around them. These effects can be far-reaching, leading to emotional, behavioural, and physical health issues. Don’t let your concerns go prolonged or untreated. The sooner you receive support, the sooner you can improve your quality of life. There is always hope, and recovery is possible.
Together we can help you manage the process of accessing your super early to fund a private rehab program and help you rediscover the fullness of life. Call us now on 1300 226 926, or make an enquiry below to find out if you might be eligible to access your super early.
Accessing superannuation early can have long-term financial consequences, as it reduces the amount of savings available for retirement. Therefore, it is advisable for individuals to consider all their options and seek professional financial advice before making a decision.