Means-test changes for Seniors Health Care Card

From the 1st of January 2015 tax-free superannuation income will be included in assessing eligibility for the Commonwealth Seniors Health Care card (CSHC).

Card-holders are entitled to concessions on education, travel, healthcare and medicines.

Means-test changes for Seniors Health Care Card

Means-test changes for Seniors Health Care Card

Released: 08-Jan-2015

Event Date: to

From the 1st of January 2015 tax-free superannuation income will be included in assessing eligibility for the Commonwealth Seniors Health Care card (CSHC).

Card-holders are entitled to concessions on education, travel, healthcare and medicines.

Previously income from superannuation or account based pensions was exempt from the CSHC income test.

Now these sources of income are included in the means test for the card, just as other financial investments such as shares and managed funds are.

The changes apply to all new CSHC card applicants. They will also apply to current card-holders who make significant financial changes, such as changing pension providers, restructuring super assets, or purchasing new superannuation products.

The income threshold to be eligible for the card is approximately $80,000 a year for a couple combined and about $50,000 a year for singles.

If you are already a card-holder, you may wish to get advice from Centrelink and/or your financial institution before making any changes to your current superannuation plan.

For more information on changes to the CSHC card means-test visit Centrelink.

This Sydney Morning Herald article also provides a good overview of how the mean-test changes may affect you.

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