On January 1, Centrelink reduced the maximum assets retirees could hold and be eligible for the age pension. This cut resulted in a large proportion of retirees having their pension concession cards canceled, removing their discounts for healthcare and some goods and services. However, from the recent federal budget, this group of retirees will now be issued with a new concession pension card to restore some of the benefits they have lost. Discounted prescription medication is one of the key features of the pension discount, along with council property rates, electricity/gas bills, vehicle registration, licence renewal and public transport discounts. For those who are outside the asset test range, there are ways to reduce wealth and sneak under the maximum caps, with the current maximum being $546, 250 for singles, $821,500 for couples who are homeowners, $746,250 for singles who are non-homeowners and $1,021,500 for non-homeowner couples.

Link to article below:

James Gerrard – Seniors’ reprieve as budget restores concession cards for 100,000