Energy Rebate for Self Funded Retirees (some of them)
The NSW government has announced a $200 energy rebate for self funded retirees from July 1 2019.
To qualify for this rebate, you must hold a Commonwealth Seniors Health Card (CSHC).
The NSW Government estimates that there are around 130 000 holders of the Commonwealth Seniors Health Card in NSW.
It is likely there are many self-funded retirees that have not applied for the CSHC, and many more who hold the CSHC who will not make the most of this entitlement as soon as it is available.
Are you eligible?
According to the NSW Government press release, the Commonwealth Seniors Health Card applies to Australians aged 65 and over, with an income of up to $54,929 a year for singles, and $87,884 for couples.
This is not quite correct - as the current eligibility age for the Commonwealth Seniors Health Card is 65 and a half, and it will be 66 by the time this rebate becomes available (July 1 this year).
If you are born during or before 1953 you will be eligible. If you are born in 1954 - you should have applying on your radar.
Don’t forget - some Assets are “deemed” to earn an income, and will contribute to the income that is used in the calculation for eligibility.
The paperwork to apply for the Commonwealth Seniors Health Card can be difficult to complete if your income situation is only just changing (for example you have just retired), or if you are a member of a self-managed superannuation fund.
Later Life Advice can help you work out your eligibility and can help with the paperwork.
Once you are setup
Having a Commonwealth Seniors Health Card can offer some useful savings on medical costs.
A lower Medicare Safety Net as well as access to the Pharmaceutical benefits Scheme (PBS) can offer savings of more than $2500 per year (per person), and the likelihood of your local GP bulk-billing you will also save you money.
And there is also free Ambulance for holders of a Commonwealth Seniors Health Card.
These are important savings for Australians in later life.
Later Life Advice is focussed on your needs
We are an independent financial advice service. No conflicts. No big bank owners. No products to sell.
We work with our clients to apply for their entitlements, plan their spending and manage their savings.
There is a lot going on for older Australians right now why not keep in touch?