Labor is set to deliver on its promise to raise the income threshold for the Commonwealth Seniors Health Card (CHSC). Legislation was recently introduced into Parliament to increase the threshold for the CSHC from $57,761 to $90,000 for singles and from $92,416 to $144,000 for couples (combined).
The Commonwealth Seniors Health Card helps older Australians to access cheaper medicines under the Pharmaceutical Benefits Scheme (PBS), bulk billed doctor visits and the lower thresholds of the PBS and Extended Medicare safety nets.
Unlike the Age Pension, the eligibility test for the CSHC does not include an assets test, but it does use some of your assets to estimate your income.
Assessable income, includes a combination of actual income and deemed income. Actual income is 'adjusted taxable income'. Deemed income is only from account-based income streams. An account based income stream is purchased with superannuation money, and commonly known as an allocated or transition to retirement pension.
If the changes pass, they will take effect from 20 September 2022.
The changes will apply to both current and future cardholders meaning more will be able to earn more and receive the concessions.
To read the press release click here.
