The income test limits have now been increased for access to the Commonwealth Seniors Health Card (CSHC).

The CSHC provides subsidised pharmaceuticals and other medical benefits for self-funded retirees that have reached aged pension age.

The income test captures adjusted taxable income plus deeming on account-based pensions unless grandfathered under the pre-1 July 2015 rules. The CSHC is not asset-tested.

The legislation came into effect on 4 November 2022.

The Government will also freeze social security deeming rates at their current levels for a further two years until 30 June 2024.

Who can get a Seniors Health Card?

Australians of Age pension age and not in receipt of the Age pension or other government pension.
• Age Pension age increased to 66 years and 6 months for people born from 1 July 1955 to 31 December 1956, inclusive.
• If your birthdate is on or after 1 January 1957, you’ll have to wait until you turn 67. This will be the Age Pension age from 1 July 2023.

Benefits of a CSHCC

• cheaper medicine under the Pharmaceutical Benefits Scheme
• bulk billed doctor visits – this is up to your doctor
• a refund for medical costs when you reach the Medicare Safety Net.

Need advice on the above topic? contact your trusted BBB Advisor or email contactus@bbbpartners.com.au.