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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.
I am 71 years of age and in Feb 2022 retired fully from part time casual work. In FY21/22 I will not meet the CHC income test for eligibility. From now on, I will qualify. How long do I have to wait before I can prove my eligibility and apply for a CHC?
Hi Rex, great question on a scenario that many people get into! Thankfully you can apply now rather then wait until the end of the current financial year. You will still need to declare your previous financial year’s earnings however you can also provide a separation certificate (or equivalent) to show that you are no longer earning what you used to and therefore this year you will be under the applicable threshold. We have helped many customers get approved this way.
My husband aged 72 and I am 64 and once I am pension age (67j he will no longer be eligible for his part aged pension. How far out from my turning 67 can I apply for my own CSHC (I currently have a LIHC, guessing it doesn’t just transfer since I have to reapply every year) ) and would my husband also have to apply or is it a straight transfer from his pension health card. Again, same question how far out would he be able to apply for this change?
Hi Marina. Unlike the Age Pension you can’t apply for the CSHC until you reach eligibility age. This is currently 66 1/2 but will be 67 by the time you are eligible. You husband would also need to apply for the CSHC. It is worth getting some advice however as you may find you will be eligible for the Age Pension by the time you reach eligibility age. You joint assets and joint income were part of your husband’s assessment. Some of your assets such as super in the accumulation phase may of course have been excluded from his assessment. You can book a consultation with one of our Advisers if you think you might need some help with this.