Since 1 July 1994, the commonwealth seniors health card (CSHC) has been available to Australian residents of pensionable age. To find out if you are eligible, answer the below questions.
Were you born on or before 1 January 1957?
Are you eligible for pension income support?
The income test is based on adjustable taxable income (ATI) plus deemed income from that part of superannuation from which you are drawing a pension. Your accountant or your own records should give you the ATI figure, to which you need to add the superannuation deemed income. Just go to www.noelwhittaker.com.au, and use the Deeming Calculator. You will discover that superannuation assets of $1.7 million for a single person provide a deemed income of $37,122 a year. Therefore, provided ATI is less than $58,278, you qualify for the card if you are single. A similar calculation can be done for a couple, but of course the numbers to be entered will be different.
Adjustable Taxable Income (ATI)
Deemed income from superannuation (see instructions above)