The ultimate guide to seniors’ discounts

Wading through the mire of what payments and discounts you’re eligible for is no easy task.

Especially since the rules and assessment processes keep changing seemingly every time a politician sneezes.

We’ve broken down the basics and created the following guide to help you get the most bang for your buck when it comes to concessions and pensions.

Commonwealth Seniors Health Card

What is it?

Not to be confused with a Seniors Card (see below), this card will get you cheaper health care and some concessions, including cheaper medicine under the Pharmaceutical Benefits Scheme.

With the card, you can also qualify for bulk billed doctor visits at the discretion of your GP and you could be eligible for a bigger refund for medical costs when you reach the Medicare Safety Net.

Your local council or government may also offer further benefits including discounts on electricity and power bills, property and water rates, health care costs including ambulance, dental and eye care, and public transport fares.

How can I get it?

Obtaining this card is subject to an income test, including account based income streams (account based pensions and account based annuities) but is not asset tested.

You also need to be an Australian resident or the holder of a special category visa.

Pensioner Concession Card

What is it?

This will get you all the same discounts as a Seniors Health Card plus help with hearing services and some discounts to redirect your mail through Australia Post.

How can I get it?

One good thing to come out of this year’s Budget was the restoration of this benefit.

Earlier this year, many people lost this card due to the change in the assets assessment but now, if you already receive an Age Pension, Bereavement Allowance, Disability Support Pension or Carer Payment, you are eligible for this card and don’t need to apply for it.

Centrelink will send you one if you meet the residence and age requirements (60 years and over).

Age Pension

What is it?

This is a government supplement that is income and asset tested for Australian residents who are 65 years old or older.

From 1 July 2017, the Age Pension age will be 65 years and six months.

Following that, the Age Pension age will go up every six months, every two years, until 1 July 2023.

How do I get it?

You may still be able to get a part pension if you’re a self-funded retiree or are still working.

There are also other payments and income supplements available like the Pensions Loan Scheme that can help if your capital is tied up in assets and you need more income to live on.

If you choose to work past the age pension age, you may be eligible for the Work Bonus which is an incentive for pensioners to remain in the workforce by increasing the amount earned before a pension is reduced.

Meaning, you’ll be able to keep more of your income or work for short periods with little to no effect on your pension.

There is also a Pension Bonus Scheme that will provide a lump sum for older Australians to stay in the workforce and defer on claiming Age Pension.

While new registrations are now closed, if you registered for the scheme before 1 July 2014 and meet the eligibility requirements, this is another way to bolster your income.

Seniors Card

What is it?

Dependent on what state you live in, you are eligible for different discounts with your Seniors Card.

This is different to your Seniors Health Card in that the discounts are from businesses and are not subject to asset or income testing, however, you can’t work more than 20 hours a week to be eligible.

From food and coffee to entertainment, travel, insurance and even your phone, there are myriad discounts at varying rates to be had.

Scroll down for the state-by-state list of discounts.

How do I get it?

In order to obtain a Seniors Card, you must be a resident of the state you’re applying for and 60 years old or older plus adhere to the aforementioned working limitations.

Most Seniors Card’s will transfer interstate, but best to check before you go.