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James Coyle
James has over 35 years experience in financial services with particular expertise in two of the key components of retirement finance - Superannuation and the Age Pension. He is passionate about providing the guidance and support that can help older Australians enjoy their best possible retirement. He lives in regional Victoria surrounded by dogs and chooks.
Are low income seniors and pensioners all entitled to concession cards?
Hi Colleen, thanks for contributing to the conversation! Generally speaking most low income seniors and pensioners will be eligible for some kind of concession card. As they are all means tested though, eligibility cannot be guaranteed without clarifying a few details. I recommend you take a few minutes to complete our free eligibility calculator which can let you know where you stand regarding the Commonwealth Seniors Health Card and Age Pension.
Is the cshc means tested?
Hi Suzy, yes the CSHC is definitely means tested. The difference between CSHC and Age Pension is that the CSHC is only means tested based on your income, assets are not included like they are for Age Pension.
What additional benefits are derived from having an CSHC to just having an Age pension card?
Hi Ron, thanks for reaching out! If you are already on the Pensioner Concession Card (PCC) that comes with the Age Pension then you can ignore the CSHC. The PCC has all of the benefits of the CSHC plus more so no need to worry.
Hi I’m 66.5 years. I have $650000 in assets, mostly in super. I own my own unit. I know at this stage I’m not eligible for the age pension.
Can I reduce my super by selling my unit and buying a more expensive property using money from super? Would I be eligible for the age pension then?
Regards
Maria
Hi Maria, thanks for seeking clarity! You can use the strategy you have suggested to reduce your asset value and get on to the Age Pension however you should consider that the Pension will not be a dollar for dollar replacement. As a single homeowner your assets need to be less then $609,250. This means you’d need to reduce your assets by ~$50K to scrape under but you will not likely receive $50K worth of pension + concessions which means you would be worse off financially. Obviously there may be lifestyle benefits to the new house that offset the financial loss.
I would suggest you consider having a Retirement Advice Consultation with our financial planner to understand all of your options and the potential pros/cons. Our consultations are designed to help you better understand your needs and goals in retirement and some of the actions you can consider to help you achieve those goals. The consultation can be either online or via phone call, goes for up to 45 minutes and costs $150.
CLICK HERE to book now.
Why do the Govt make everything so difficult.
Believe we are entitled to Seniors Health Care Card, we have super which is now in “pension status”.
Spent endless hours doing paperwork a couple of years ago which was promptly rejected due to not having a SPIN. SMSF don’t require a SPIN.
The govt make it difficult hoping we’ll give up and that’s what we’ve done and it isn’t fair that we paid high taxes all our lives and just would like some assistance with medications. Whee we n I did try again, the correct application form wouldn’t even download.
Hi Sharon, I’m so sorry to hear of the difficulties you have faced! I can see that you have completed our eligibility calculator previously (based on your email address) and we also believe you are eligible for a CSHC. Given the stress and anxiety you have experienced previously might I suggest you consider booking a phone application with one of my Customer Service Team? This way we can send you a checklist of documents to have on hand then call you at a day/time of your choosing and work through the claim together to ensure it is done right the first time. I will send you an email separate to this comment with further details about our phone application and how to book if you wish to proceed.
My husband and I are both retired and are self funded retirees. He is 69 and I turn 66 in September. We hope to apply for CSHC when I turn 66 and six months in March 2023. Is the income derived from drawdowns from our superannuation included in our income test or just income from other sources of which we have minimal.
Hi Merena, thanks for joining in on the conversation! Centrelink will deem that you earn income from any super pension accounts you and/or your hudband have. Accounts still in accumulation have no deeming applied. To learn more about deeming and the rates used CLICK HERE.
Hello if passed a self funded retired couple can earn $143,000 and get the CSHC
I am 68 still working , wife 69 retired no welfare payments my taxable income is $112,000 PA can we get the CSHC
Hi Frank, this is the $144,000 question at the moment! If the proposed increase to the CSHC income threshold does make it through parliament then yes you are correct. However the proposal does need to go through parliament and they are not sitting until late July so that is the soonest the increase could go through. It may take longer though or could be reduced from the pre-election amount so definitely watch this space!
I am married to an Aussie citizen and have now become one last year.
I came in on a tourist visa, then a bridging visa then a spouse visa and a permanent residency was granted after a number of years. When I applied for citizenship, it was granted. However, when I reach pension age I was told I am not eligible for aged pension as I have not met the permanent residency and citizenship test of 10 years and above. How could I when it takes such a long time to go through the hoops, paperwork and money too?
When applying for aged pension I was told it will take me almost 4 years to have aged pension granted. I was advised by a Centrelink officer to sell my home overseas and to live on the proceeds until I get my aged pension. I was told that if my husband who is now 77, passes away, I will get aged pension. How does THAT work out? I was also told not to leave the country as it will take longer and longer for my aged pension to be granted. Now I am living on just my husband’s aged pension. We are upset at this situation.
I do not wish to sell my home as it is our holiday home now when we go back to my country of origin. The home has devalued much as it is old and therefore not tenanted. I wish to go “home” as all my family is still living there.
I am currently working casually but am seeking better work. Our combined assets would be less than 800K and cash is rather like fog as we had spent it thinking I would be able to get my aged pension. Unfortunately, Centrelink thinks otherwise. What should I do to prevent my home overseas from being sold?
Working is what I am doing now but my husband and I would rather retire peacefully and do community work which is what we both like. Working is also difficult as ageism does play a part. I have a degree and diplomas and have had good working backgrounds, certainly doesn’t look forward to working at 67.
What can I do to prevent my aged pension from becoming more and more distant? Staying put and not go to visit my sons and grandkids for 3-4 years is stupidity.
Hi Ling, thank you for such a thorough explanation! Given the multiple questions you have and because the help you are seeking is considered advice, I suggest you consider booking one of our Retirement Advice Consultation as they are designed to help you better understand your needs and goals in retirement and some of the actions you can consider to help you achieve those goals. The consultation can be either online or via phone call, goes for up to 45 minutes and costs $150.
CLICK HERE to book now.
I received my first CSHC in Feb this year. My income dropped to below threshold in financial year 20/21.I have received my new card in September but have just received my tax return back for the financial year and my income is above current threshold.
Can I continue to use the card until new legislation passes through Parliament and threshold is increased or do I need to hand card in and apply again.
My income will be well below threshold.
I am a self-funded retiree.
Hi Bob, sorry to be the bearer of bad news but yes, you are expected to notify Centrelink if your income increases above the current threshold and if your card is cancelled you would then need to re-apply when you become eligible again.