More fully self-funded retirees qualify for the Commonwealth Seniors Health Card
You may now be eligible after increases to the income threshold for the Card, which can save couples up to $4,000 a year on health costs.
The income threshold for the Commonwealth Seniors Health Card, which was indexed in line with inflation on 20 September, sees the threshold for singles rise to $95,400 from $90,000, and to $152,640 for couples, from $144,000.
This is “adjusted taxable income”, which is mostly made up of taxable income on your tax return, plus the “deemed” income from an account-based pension. Deeming is a percentage that is applied to the account balance, as set by the Federal Government.
To be eligible for the card, as well as being under the income thresholds, you must be at least 67, the Age Pension age, and not receiving the Age Pension or any other income support payment. There is no assets test.
The card is estimated to be worth up to $4,000 a year, for a couple, but the precise amount will vary, depending on how much use is made of the concessions, which extend beyond just health-related concessions.
The Seniors Health Card gives self-funded retirees cheaper medicine under the Pharmaceutical Benefits Scheme (PBS) and bulk-billed doctor visits, as doctors have a financial incentive to bulk bill cardholders.
There is also a lower out-of-pocket threshold after which the Government reimburses medical expenses.
To meet the income test, you must earn less than the following:
- $95,400 a year if you’re single
- $152,640 a year for couples
- $190,800 a year for couples separated by illness, respite care or prison.
There is no assets test.
Find out more HERE.
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