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Showing posts from April, 2016

2017 Changes to the Age Pension assets test

We continue to have enquiries regarding the changes to the Age Pension scheduled for 1 Jan 2017. Approximately 50,000 Age Pensioners are projected to be better off under the government’s changes and receive the full pension and about 120,000 part pensioners are predicted to add around $30 per fortnight to their wallet. However, recent reports have indicated that far more will be disadvantaged with more than 300,000 Age Pensioners having at least part of their pension cut, and just under 100,000 of these people losing all Age Pension entitlements. The government has said that people who do lose their pensions in 2017 will automatically be entitled to receive a Commonwealth senior’s health card or a low income health card. These cards will provide access to Medicare bulk billing and less expensive pharmaceuticals. Of course, this is not a concession as a result of the proposed changes this simply remains the current situation. The Low Income/Concession cards are income based