On 27 July 2022, a bill was introduced into Parliament to establish higher income thresholds for the Commonwealth Seniors Health Card (CSHC), making it available to more self-funded retirees.
The bill proposes to introduce these new income thresholds from 20 September 2022 and while it must pass the Houses of Parliament and receive Royal Assent before it comes into effect, it’s widely expected to be passed.
This would give an estimated 50,000 additional Australian seniors access to:
- Cheaper prescription medicines under the PBS Scheme
- More options for bulk-billed care with GPs who accept this mode of payment for Health Card holders
- Higher rebates under the Extended Medical Safety Net (EMSN) scheme
Proposed income thresholds
In addition, the proposed thresholds will not be indexed to CPI this year. The next opportunity for indexation will occur on 20 September 2023.
The above thresholds are based on adjusted taxable income and no asset test is required. Those with deemed income from account-based pensions may have increased opportunities for eligibility with the combined increase in threshold and current freeze on deeming rates.
What do you need to do?
A Commonwealth Seniors Health Card can assist with health care costs on a number of fronts, enabling you to save or deploy the funds elsewhere.
To claim your card, visit Services Australia here or speak to your Apt Adviser about eligibility.
We also encourage you to share this article with any family or friends who may be in a position to benefit, as with the rising cost of living today, it’s important to make the most of any entitlements.
General Advice warning
The information provided in this blog does not constitute financial product advice. The information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. Apt Wealth Partners (AFSL and ACL 436121 ABN 49 159 583 847) and Apt Wealth Home Loans (powered by Smartline ACL 385325) recommends that you obtain professional advice before making any decision in relation to your particular requirements or circumstances.
