Infation Bears Some Positive Aspects

Pension payments received an increase on 20 September, aligning with adjustments to pension and concessions card eligibility thresholds. These adjustments were infuenced by infationdriven cost-of-living challenges. The biannual review not only means pension payments rise but can also extend support to some selffunded retirees who were previously ineligible for assistance.

This adjustment brings positive news for self-funded retirees.

Threshold adjustments play a crucial role in determining partial pension allocation and were in effect for the Pensioner Concession Card from 20 September. For instance, a single homeowner with assets under $667,500 now qualifes for a partpension due to a $11,000 increase in the threshold. Similarly, the threshold for couples who own a home increased by $16,500, making those with assets up to $986,500 eligible for a part-pension. These updates also impact Commonwealth Seniors

Health Card (CSHC) eligibility, which rose by $5,400 to $95,400 per annum for singles and by $8,640 to $152,640 for couples combined.

With deeming rates frozen for two years, more self-funded retirees may now qualify for concessions.

The Commonwealth

Seniors Health Card brings substantial benefts, including refunds on medical costs beyond the Medicare Safety Net, reduced healthcare expenses, and concessions on essential services in some states and territories.

For detailed information about available concessions and eligibility, refer to the National Seniors Concessions Calculator.

Links

National Seniors Concessions Calculator - https://nationalseniors. com.au/services/ calculators/concessionscalculator

CSHC Benefts - https://www.dva. gov.au/get-support/ health-support/veteranhealthcare-cards/ commonwealth-seniorshealth-card

To fnd out if you’re now eligible for the pension:

Go to https://www.dss. gov.au/sites/default/fles/ documents/08_2023/ rates-list-20-september2023-upload_0.pdf

By Liam Jennings

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