Although Medicare as a public health system is effective, like any other system in the world it also has drawbacks. Unfortunately bariatric surgery is currently one of those areas that Medicare appears to be falling behind in when it comes down to the current demand around the country.
If you are a potential candidate for bariatric surgery you will have likely encountered the funding issue. Unfortunately a large amount of potential candidates have no access to any public weight loss surgery options or have the option of a public waiting list that can be two to three years long. Health funds and insurance often do cover weight loss surgery to an extent, but each policy differs from patient to patient.
Accessing Superannuation for Bariatric Surgery
Increasingly Australians have been seeking funding for surgery by accessing their superannuation early. Bariatric surgery isn’t the only procedure that 
funds are being released for, increasingly in other areas such as IVF.
In 2000-2001 $42 million of superannuation was released compared to $290 million in 2016-2017. In 2010-2011 only four thousand Australians applied for early super release, compared to 15,000 in 2016-2017. The numbers speak for themselves and they are staggering in comparison. Weight loss surgery and IVF treatment were two of the top reasons for Australians releasing their super earlier to pay for medical bills.
Being able to access your superannuation early is now a cause for concern as although the importance of this release of funds is recognised, protecting retirement savings is equally important, and the rules (which haven’t been changed for twenty years) will be under review in 2018.
The President of the Australian Medical Association Michael Gannon said that the superannuation system in Australia was never designed to be a safety net for the health system, however recognises that there are grossly inadequate bariatric services in Australian public hospitals.
What the Obesity Surgery Society of Australia & New Zealand (OSSANZ) say
Following recent media speculation surrounding the issue of Australians drawing from their superannuation prematurely to fund medical costs, the OSSANZ issued a statement that confirmed the following:
- Requests for early superannuation release are not infrequent and are probably increasing with upward pressure on costs of insurance.
- Obesity requiring surgery in most cases is likely to fulfil the criteria for a valid application for release of funds.
- Poor access to public bariatric surgery is a significant driving factor in this relatively new trend.
However the board did report that those applying for funds for bariatric revision surgery were often denied, although this may be routed in the application process regarding procedure numbers.
You can find out more information regarding the costs of weight loss surgery online on our website here.
If you are considering bariatric surgery and would like to discuss your options further then you can contact us online or call us on (02) 9553 1120.
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