The Association of Superannuation Funds of Australia (ASFA) has welcomed the Federal Government’s move to allow terminally ill patients to access their superannuation earlier if they have less than two years to live.
ASFA chief executive, Pauline Vamos, said the measure, which comes into effect from 1 July 2015, will help fund treatment options that are not subsidised.
“People in the final year of the 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,” she said.
Under current arrangements terminally ill patients have to get a certification from their doctors and specialists if they have less than 12 months to live.
But the Government proposed the changes after it was found some people found it difficult under current arrangements, particularly women with secondary breast cancer diagnoses.
“Understandably, they want access to their money as they may experience significant financial burden associated with treatment costs,” Assistant Treasurer Josh Frydenberg said.
Vamos said letting terminally ill patients access super earlier “is no doubt something they deserve”.
