17 July 2019 - Australians are tapping their superannuation to pay for healthcare at an unprecedented rate, with more than 30,000 requests approved last financial year — twice as many as two years ago — mostly for weight-loss surgery and IVF.

This emerging funding source for private healthcare will soon be paying out $400 million a year as patients grapple with out-of-pocket expenses and public waiting lists. It is fuelled by rising rates of obesity and couples choosing to have children later in life.

Even as federal Treasury was reviewing the rules on early ­access to superannuation, the surge in demand from people wanting to use their retirement savings continued at a phenomenal rate. In 2016-17, the Department of Human Services approved 15,132 applications to use superannuation to pay for healthcare. The following year, a further 19,060 applications were approved, representing annual growth of almost 26%.

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