If you don't qualify for the Age Pension due to your financial situation, getting some assistance with the cost of medications and other expenses like utilities, motor vehicle registration, and public transport would be nice. Right?
That’s why it’s worth looking into your eligibility for one of several concession cards available.
For this couple, applying for the relevant concession cards means they now save hundreds of dollars a month on medication. That’s more money for them to enjoy retirement.
Numbers/background
- Couple: husband 71, wife 68
- Value of home: $800,000
- Superannuation: $700,000 combined
- Cash in the bank: $50,000
- Rental property 1: Valued at $500,000, $400 rent p/week
- Rental property 2: Valued at $600,000, $400 rent p/week
- Combined income of $62,000 p/a from superannuation and rental properties to meet living costs.
Frustrations
- They knew they were not eligible for the Age Pension because of the value of their assets but felt frustrated that they couldn’t get any concessions to help with the cost of their medications which was over $300 per month.
How we helped
- Applied for the Low Income Health Care Card and Commonwealth Seniors Health Card and dealt with Services Australia on their behalf.
What success looks like for them
- They save hundreds of dollars on medication each month.
- They benefit from other savings through discounts on public transport, car registration and utilities.
- Even if you don’t qualify for the Age Pension, you may be able to keep some more of your hard-earned dollars through concession card discounts.
We take the hassle out of dealing with Services Australia and get you the entitlements you’re eligible to receive. We’d love to see how we can help. Organise a free chat.
This business is not affiliated with or endorsed by Centrelink or the Australian Government Department of Human Services. The purpose of this website is to provide general information only and the contents of this website do not purport to provide personal financial advice. Denaro Wealth strongly recommends that investors consult a financial adviser prior to making any investment decision. The contents of this website do not take into account the investment objectives, financial situation or particular needs of any person and should not be used as the basis for making any financial or other decisions. The information is selective and may not be complete or accurate for your particular purposes and should not be construed as a recommendation to invest in any particular product, investment or security. The information provided on this website is given in good faith and is believed to be accurate at the time of compilation.