The concessions and discounts that may be available include Pharmaceutical Benefit Scheme discounts, cheaper out-of-hospital medical expenses, concessional rail travel and extra health, household and transport discounts on offer at the discretion of state, territory or local governments and sometimes private businesses.

Many self-funded retirees can maintain their assets (there is no assets test) and continue to make quality investments rather than work out ways to reduce assets to “get on the pension” (and there are stories of some even chasing more dollars a fortnight just to qualify for a Pensioner Concession Card).

The Commonwealth Seniors Health Card is available for people who have attained their Age Pension age and have an adjusted annual taxable income not exceeding $50,000 for a single person or $80,000 a year combined for a “couple living together”. The adjusted taxable income limit for a “couple separated by illness” is $100,000 a year (a limit which also applies to couples separated through respite care or where one partner is in prison). These income limits are fixed in legislation and not subject to any form of indexation, and also increase about $640 for each dependent child.

Apply to Centrelink only after attaining Age Pension age – click here to find out more information, including what makes up “adjusted taxable income”.