The Association of Superannuation Funds of Australia (ASFA) congratulates the government for its announcement that patients with terminal illness will be able to more easily access their superannuation.
Under the current arrangements, patients are required to obtain medical certification from their doctors stating they had less than 12 months to live. From 1 July 2015, the life expectancy period will be increased to two years.
“This is important as it will allow people to access their super to help fund treatment options that are not subsidised, and are often too costly for people to afford without accessing these savings.
“People in the final year of their lives also often suffer from rapidly decreasing health, which makes it difficult for them to travel or participate in activities that allow them to enjoy the precious time they have left with their family and friends. Increasing the life expectancy period to two years will provide more people with the financial means to make the most of this time,” says ASFA CEO Ms Pauline Vamos.
“Terminal illness has a dramatic impact on the person who is suffering, as well as their loved ones and friends. Allowing them to access their super so they have more money to improve their quality of life is no doubt something they deserve,” Ms Vamos concluded.
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