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Funding Your Rehab

In Australia and New Zealand, retirement savings funds are primarily designed to support individuals in their later years. However, in certain situations, these funds can be accessed early to cover critical expenses, such as medical and mental health treatments. This option is precious for those who need immediate care but lack the necessary financial resources. The process requires meeting specific criteria and obtaining approval from the Australian Taxation Office (ATO).

For those struggling with mental health issues and in need of immediate treatment, accessing these funds can make high-quality care accessible, removing financial barriers that may otherwise stand in the way.

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Paying For Your Rehab

To be eligible for early access to retirement savings on compassionate grounds, it is necessary to present medical documentation indicating that the required treatment is not readily available through public healthcare services. This documentation must be provided by licensed mental health professionals who can attest to the critical nature of the treatment for enhancing your condition and overall quality of life.

We Can Help You

At Samarpan, we understand the complexity of applying for early access to your retirement savings for mental health and addiction treatment. We recognize the added stress this process can bring when facing significant challenges.

Our longstanding partnerships with experienced professionals ensure that you have guidance every step of the way. They are well-versed in the Australian Taxation Office (ATO)'s requirements. They can assist in gathering the necessary documentation, including medical reports that outline your mental health condition, the recommended treatment plan, and expected outcomes. We can also help you schedule an evaluation with a psychiatrist to secure the needed approval.

If you're considering using your retirement savings to fund your mental health or addiction treatment with us, reach out to our supportive admissions team. They will help you determine the best course of action and connect you with our partners to facilitate the process.

Important Considerations

Using your retirement savings early will reduce the amount you have saved for later years. Before moving forward, ensure that you have explored all other potential sources of financial support, such as charities or organizations that may be able to assist.

For those under 60, the funds released under compassionate grounds are taxed as a lump sum, with a rate of 17% to 22%.

It's also important to note that not all retirement savings funds allow early access. If necessary, switching to another fund might be an option, but be aware of potential impacts, such as losing insurance coverage, especially for pre-existing conditions or undiagnosed symptoms.

Carefully weigh the pros and cons of using your retirement savings early. Consider speaking with a free financial counselor or contact our admissions team, who can connect you with our trusted partners.