With the cost of living in Australia soaring, we are seeing more  people  cutting back on how much they  spend on a range of both essential and discretionary items  in order to minimise the impact of the rising cost of living.

One measure recently introduced by the  Albanese government, was adjusted eligibility for the Commonwealth Seniors’ Health Card to increase its accessibility to an additional 50,000 older Australians as of 1 July 2022.

The income test for access to a Commonwealth Seniors Health Card will increase to $90,000 a year for singles (up from $57,761) and to $144,000 a year for couples (up from $92,416).

The Commonwealth Seniors Health Card will  assist more Australians to receive benefits such as:

• More affordable medicine under the Pharmaceutical Benefits Scheme.
• Bulk Billed doctor visits – if your doctor extends eligibility to Seniors Health Card Holders.
• A refund for medical costs when you reach the Medicare Safety Net.

Other benefits for those who hold a Commonwealth Seniors Health Card are discounts on property and water rates, electricity and gas bills, ambulance, dental, eye care and public transport.

To be eligible for the Commonwealth Seniors Health Card you must meet all the below conditions:

• Be age pension age or older
• Meet residence rules
• Not be getting a payment from us or the Department of Veterans Affairs
• Have a Tax File Number or be exempt
• Meet identity requirements
• Meet the income test

For more information or to discuss your eligibility contact your advisor.

This information is general in nature and is provided by Partners Wealth Group. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.