Government benefits to take advantage of in retirement
The transition from work to retirement can be quite daunting, especially when you consider the prospect of meeting health challenges on a limited income. The good news is the government has a range of benefits in place to help you meet your health needs.
That being said, there’s much more that goes into a happy, healthy retirement than government benefits. It’s important that you’re in a financial position to enjoy these benefits, rather than rely upon them. In this video from super fund Equip, Kim Watkins takes us though what we need to do to have a comfortable retirement.
We’re going to take a look at the major government bonuses you should take advantage of when you’re finished working. These benefits are designed to make it easier to stay healthy into retirement and enjoy a happy, healthy retired life.
1. Commonwealth Seniors Health Card – Even if you’re a self-funded retiree, once you’ve reached a certain age you may be eligible for the Commonwealth Seniors Health Card. This card gives you access to cheaper prescriptions and potentially bulk-billed GP consultations.
2. Medicare Safety Net – This is particularly useful if you’re seeing doctors and specialists at multiple times over the course of a year. The Medicare safety net reduces your out-of-pocket expenses once you’ve spent a certain amount of money, which will help you save.
3. Pharmaceutical Benefits Scheme (PBS) Safety Net Card – You can apply for a Medicare PBS safety card at a pharmacy, and what it’s basically designed to do is create a ‘safety net’ threshold to help households cover the cost of medicines. Once the threshold has been passed, medicines will be much less expensive of free for the rest of the year.
4. Early detection programs and free immunisations – Your doctor should have information on what you’re specifically entitled to, but older Australians can generally get free vaccinations against influence and pneumococcal disease, free screenings for bowel cancer and free breast screenings. Older women are also entitled to Pap smears and people who qualify can receive free prostate cancer tests. For more information click here.
5. Annual health assessment – Once you’ve passed the age of 75 (or 55 for Aboriginal and Torres Strait Islanders) you’re entitled to a free annual health assessment from your doctor. That being said, if they do not bulk bill you may have to pay the gap.
6. Home medication review – If you’re living at home and taking more than five medications a day, you’re entitled to a home medication review. This can help you use your medicines more effectively and also makes sure you avoid any unwanted side effects. If you would like to take the review, talk to your GP or pharmacist about arranging it.
Were you aware of these government benefits? Do you take advantage of any of them, do you think now that you do know you will?
Let us know in the comments below.
Equip manages $7 billion of investments for members working across a wide range of Australian industry sectors. This superannuation fund has been providing strong investment performance and has been a reliable provider of retirement benefits for over 80 years.
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