Summary
Concessions and benefits you could access
Cost of living matters whatever your life stage, but particularly as you approach retirement. And there are a range of concession cards available - depending on your eligibility. Some are even available to people before they have retired.
Depending on which card you may be eligible for, they can help you save on some costs, such as utilities, medical services, medications and activities like parks and movies.
Different cards have different qualifying criteria from age to income and asset tests in some cases. Some are issued by states and territories, others by the Commonwealth. The most common cards are:
- Seniors Card
- Pension Concession Card
- Commonwealth Seniors Health Card
- Low Income Health Card
Benefits of concession cards
Concession cards can give you access to discounts and benefits from the Australian Government and some private businesses. There are two main types of concession cards for retirees: the Pensioner Concession Card and the Commonwealth Seniors Health Card. Each card has different eligibility criteria and benefits.
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If you are eligible for the Government Age Pension, then you are eligible for the Pension Concession Card. If not, you may still qualify for the Seniors Health Card. Depending on which card you are eligible for, you could save on:
GP visits and medication
You could be paying less on your doctor's bill next time you visit your GP. Just be sure to check if your clinic offers concession prices or bulk billing. Plus, your medications just got a little cheaper, with an extra discount under the Pharmaceutical Benefits Scheme (PBS).
Medical services
Enjoy lower out-of-pocket costs for medical services above the Medicare Safety Net. Also, you may get access to state and territory health services such as dental, optical, hearing and podiatry. Varies depending on state or territory.
Utilities
Save on utility bills, rates, public transport, car registration and more (depending on your state or territory).
For more information, visit the Services Australia website.
The Home Equity Access Scheme
The Home Equity Access Scheme is an Australian Government program that allows some older Australians who have reached Age Pension age to access a voluntary, non‑taxable loan administered by Services Australia. The loan is secured against equity in Australian real estate.
If you’re eligible and your application is approved, you may choose to receive the loan as a fortnightly income stream, a lump sum, or a combination of both. The amount you can receive and the payment options available depend on your individual circumstances, including your age, property value and whether you receive an eligible pension.
Your combined loan and eligible pension payments may be up to 1.5 times your maximum pension rate, subject to scheme limits and approval. Full eligibility criteria, terms and conditions apply.
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