Access Superannuation for IVF

I wanted to share some information on how I have been able to fund the costs of IVF by accessing my superannuation. Let’s face it: IVF can be very expensive. The way that I have gone about funding this isn’t for everyone, and I’m not suggesting that this is what you should do; it is just the path I went down.

I earn an average wage, and I don’t have a lot of savings in the bank. Unfortunately, like many people out there at the moment, I live paycheck to paycheck. I manage to put a little bit of savings away each fortnight, but nothing major. So when I chose to pursue IVF as a single person, I didn’t have the money to fund all the IVF costs.

So how much does IVF cost in Australia? Well, it varies and really depends on your situation. How many egg collections will you require? Are you going with a national or international donor? And then there is the medication – jeepers! That is expensive. To add up all my costs, it is over $35,000. Now, I didn’t have that kind of money lying around, especially if I was then going to be supporting myself and a little one.

In my research, I found that I was able to access my superannuation for IVF treatment. As we all know, your super is meant for your retirement, so it is important to think about this when considering this option. In my situation, if I didn’t access superannuation for IVF, I’d have to try and get a loan, and then there are interest rates, etc. This was just the best option for me to cover the IVF costs.

I came across a company called Access My Super. They take care of all the paperwork and handle everything for you. There is a fee for their services, which covers the filing cost and a psychologist appointment. It adds up to under $2,000 to get access to your super for IVF treatment.

I paid an initial application fee of $849.00, and Access My Super got to work gathering everything needed for my submission. They set up a call with a GP so I could get a referral to a psychologist. I ended up having a 15-minute telehealth appointment with the psychologist, which cost me $600.00. The psychologist will now write a report that’s part of what I need to submit to the Tax Office. That was all I had to do—talk to a GP and a psychologist. Access My Super took care of everything else.

After the submission, I was approved shortly after and received the funds I needed to pay for the IVF costs. It was one less thing I had to worry about. Now, I could focus on the actual IVF process I needed to go through.

If you haven’t had a chance to read my story, check out my About Page.

**Post Disclaimer:** I’m not recommending that you access your superannuation for IVF treatment. When you access your superannuation early, you will be taxed, and this amount will come out in addition to the amount for treatment. It’s important to keep this in mind. You should review all of your options and make an informed decision.

Want to receive email notifications when I have a new post? CLICK HERE