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Inflation Bears Some Positive Aspects

Published

1 year ago

4 October 2023

Liam

Inflation Bears Some Positive Aspects

Pension payments received an increase on 20 September, aligning with adjustments to pension and concessions card eligibility thresholds. These adjustments were influenced by inflation-driven cost-of-living challenges. The bi-annual review not only means pension payments rise but can also extend support to some self-funded retirees who were previously ineligible for assistance.

This adjustment brings positive news for self-funded retirees. Threshold adjustments play a crucial role in determining partial pension allocation and were in effect for the Pensioner Concession Card from 20 September. For instance, a single homeowner with assets under $667,500 now qualifies for a part-pension due to a $11,000 increase in the threshold.

Similarly, the threshold for couples who own a home increased by $16,500, making those with assets up to $986,500 eligible for a part-pension. These updates also impact Commonwealth Seniors Health Card (CSHC) eligibility, which rose by $5,400 to $95,400 per annum for singles and by $8,640 to $152,640 for couples combined.

With deeming rates frozen for two years, more self-funded retirees may now qualify for concessions. The Commonwealth Seniors Health Card brings substantial benefits, including refunds on medical costs beyond the Medicare Safety Net, reduced healthcare expenses, and concessions on essential services in some states and territories.