Fund your laser eye surgery with early release of your super
For many Australians, the idea of leaving glasses or contact lenses behind is appealing. Laser eye surgery has become an increasingly familiar option for people looking to correct common vision problems such as short-sightedness, long-sightedness and astigmatism.
But while the decision to have laser eye surgery is often about improving everyday life, the cost can be a significant consideration.
Whether you are planning LASIK, PRK, LASEK, SMILE or another form of vision correction, understanding the likely costs and planning how you will pay for treatment can make the process much easier.
For some eligible Australians, accessing superannuation early on compassionate grounds may be an option for meeting certain medical expenses.
Release My Super can help you understand the early release process and prepare your application for consideration.
Why is laser eye surgery becoming more popular in Australia?
Vision problems are extremely common across Australia. According to the Australian Institute of Health and Welfare (AIHW), more than 13 million Australians reported having at least one long-term vision disorder in 2017–18. This included millions of Australians living with long-sightedness, short-sightedness and astigmatism.
Refractive errors are among the most common reasons people need glasses or contact lenses. Laser eye surgery provides another option for suitable patients by reshaping the cornea to improve the way light is focused inside the eye.
Healthdirect lists several forms of laser vision correction, including LASIK, LASEK, PRK, ASLA and SMILE. The right procedure depends on the individual’s eyes, prescription, corneal measurements, lifestyle and assessment by an appropriately qualified eye specialist.
The technology and techniques used in refractive surgery also continue to evolve. Australian ophthalmology professionals continue to discuss new approaches and technologies for determining which procedure is most appropriate for individual patients.
How many Australians have laser eye surgery each year?
There isn’t a reliable, current national figure publicly available for the total number of laser eye surgery procedures performed across Australia each year.
This is important because figures quoted online can sometimes be misleading. Older Australian government data recorded approximately 2,800 LASIK and photorefractive keratoplasty procedures in public and private hospitals during 2005–06, while also noting that procedures performed in private laser clinics were not included in that figure.
So rather than claiming a precise annual number that cannot be reliably verified, it is more accurate to say that refractive eye surgery is an established area of private healthcare in Australia, with demand influenced by the large number of Australians affected by refractive errors and the ongoing development of vision-correction technology.
The cost of laser eye surgery is worth planning for
Laser eye surgery is generally a private medical expense, and the price can vary considerably depending on the procedure, surgeon, clinic, technology used and whether treatment is required for one or both eyes.
For someone considering surgery, it is worth looking beyond the advertised procedure price.
Your overall budget may also need to account for:
- Initial eye examinations and suitability assessments
- The surgical procedure
- Prescription medication or eye drops
- Follow-up appointments
- Additional treatment if recommended by your surgeon
- Travel or accommodation if treatment is not available locally
- Time away from work during recovery
Getting a clear quote from your chosen provider is therefore an important first step.
Planning your funding before booking surgery
The excitement of potentially seeing clearly without glasses can sometimes make the financial side of the decision an afterthought.
It is better to plan the funding before committing to treatment.
Start by finding out exactly how much your surgery is expected to cost. Then consider your available savings, payment options and other sources of funding.
For some people, paying the entire cost from savings may be straightforward. Others may find that doing so would put too much pressure on their household budget.
This is where understanding your superannuation may become relevant.
Can you use your super to pay for laser eye surgery?
Superannuation is generally intended for retirement, so accessing it early is subject to strict rules.
The Australian Taxation Office (ATO) allows early access to super in limited circumstances, including certain medical expenses on compassionate grounds. Medical treatment for yourself or a dependant can be one of the circumstances considered, provided the relevant eligibility requirements are met.
However, having a medical procedure does not automatically mean you can access your super to pay for it.
There are specific requirements that need to be satisfied, and applicants need to provide appropriate evidence. The ATO states that people applying on compassionate grounds must meet the eligibility rules and provide evidence, including information about whether they can pay for some or all of the expense through other means.
Professional guidance for health practitioners also emphasises that compassionate release is intended for limited circumstances involving eligible medical treatment and should not be treated as a routine way of funding elective treatment.
That is why it is important to understand your individual circumstances before assuming your laser eye surgery will qualify.
How Release My Super can help
Applying for early release of super can feel complicated, particularly when you are also organising medical treatment.
Release My Super helps Australians navigate the early release of superannuation process for eligible expenses.
We can help you understand the application requirements, identify the information and supporting documentation you may need, and guide you through the application process.
Our role is to help make the process clearer and easier to manage.
We cannot guarantee that an application will be approved. Approval depends on the applicable legislation and the assessment of your individual circumstances.
A simpler way to approach your application
If you are considering laser eye surgery and believe early access to your super may be relevant, the process can be approached step by step:
- Discuss your treatment with your eye specialist
Your first priority should always be your eye health. Speak with a qualified ophthalmologist or other appropriate eye-care professional to determine whether laser eye surgery is suitable for you.
- Understand the treatment and total cost
Ask your provider what procedure is recommended, why it is suitable, what is included in the quote and whether there may be additional costs.
- Review your funding options
Consider your savings and other available ways of paying for treatment. Early release of super has strict eligibility requirements and should not be assumed to be available.
- Check whether you may meet the early-release requirements
The rules around compassionate release are specific. Your circumstances and the treatment must meet the applicable requirements.
- Prepare your supporting documentation
Medical and financial evidence may be required as part of an application. Having the right information available can help avoid unnecessary delays.
- Get help with the application process
This is where Release My Super can assist. We can help you understand what is required and guide you through the application process.
Think beyond the surgery itself
Laser eye surgery can be an exciting decision, but it should still be approached carefully.
Your eyes are unique, and laser surgery is not suitable for everyone. There are different procedures, different risks and different recovery requirements. Healthdirect recommends discussing the benefits and possible complications with an appropriate health professional before proceeding.
The financial decision deserves the same level of attention.
Accessing super early means using money that was originally set aside for your retirement. Government guidance also highlights that early release can have financial and tax consequences and may affect other payments or benefits.
That is why planning your treatment and funding together is so important.
A clearer path towards your laser eye surgery
If glasses or contact lenses have become inconvenient and your eye specialist has recommended laser vision correction, the next step is understanding your options — both medically and financially.
For eligible Australians, early release of superannuation on compassionate grounds may provide a potential way to meet certain medical expenses when the relevant requirements are satisfied.
Release My Super can help you navigate the process and understand what is involved in making an application.
Before making any decision, obtain advice from your eye-care professional about the medical suitability of surgery and consider the financial impact of accessing your super early.
Ready to explore your options?
If you are considering laser eye surgery and want to find out whether you may be able to access your superannuation early for eligible medical expenses, talk to Release My Super today.
We can help you understand the process, prepare your application and take the next step with greater confidence.
Your vision matters. Your financial planning matters too.
Important: Early release of superannuation is subject to strict eligibility requirements. Release My Super does not guarantee approval. Approval is determined under the applicable superannuation and compassionate-release rules. Consider obtaining independent financial and medical advice before making a decision.
