As seen in FIFTY PLUS NEWS
As you may be aware, social security rates and thresholds are adjusted on a regular basis. Whenever there are changes it is a good time to check your eligibility. You may find that you are eligible for social security income payments and/or concession cards. The latest adjustment was on 20 September 2012, so the focus of this article is to update you on the changes to the thresholds.
For those of you not familiar with social security there is a lot of background information regarding eligibility and how one is assessed. You need to make sure you understand these concepts and there is a wealth of information to be found on the Centrelink website (www.centrelink.gov.au) or at your local Centrelink office.
Age Pension
The first thing to note is that there has been an increase to the Age Pension rates. The maximum payment rates for the Age Pension are now as follows:
| Family situation | Pension rate per fortnight |
| Single | $712.00 |
| Couple | $536.70 each or $1073.40 combined |
Note: these amounts exclude the Pension Supplement, a fortnightly payment additional to the base pension. The maximum rate of Pension Supplement for singles and for each member of a couple separated due to ill health is $60.60 a fortnight, and for couples $91.40 a fortnight (combined).
The main ‘tests’ that Centrelink uses to determine Age Pension are the Assets Test and the Income Test. The test that results in a LOWER Age Pension is the one Centrelink uses to determine the payment.
The changes to the Assets Test are as follows. To receive the FULL Age Pension, assessable assets must be below the following limits:
| Family situation | For Homeowners | For Non-homeowners |
| Single | $192 500 | $332 000 |
| Couple (combined) | $273 000 | $412 500 |
You will not be eligible for ANY Age Pension if your assessable assets are greater than the following limits:
| Family situation | For Homeowners | For Non-homeowners |
| Single | $707 750 | $847 250 |
| Couple (combined) | $1 050 000 | $1 189 500 |
If your assessable assets are in between the above thresholds, you would be eligible for a partial Age Pension.
The changes to the Income Test are as follows. To receive the FULL Age Pension assessable income must be below the following limits:
| Family situation | For Homeowners |
| Single | $152 per fortnight |
| Couple (combined) | $268 per fortnight |
You will not be eligible for ANY Age Pension if your assessable income is greater than the following limits:
| Family situation | For Homeowners |
| Single | $1,697.20 per fortnight |
| Couple (combined) | $2,597.60 per fortnight |
It is also a good time to check your eligibility for social security concession cards. Age Pensioners will receive a Pensioner Concession Card. But, even if you are not eligible to receive the Age Pension, you may be eligible for the Commonwealth Seniors Health Card and/or the Low Income Health Care Card.
The above changes are important to note, but if you think you might eligible for a payment you should visit your local Centrelink office. If you require some in depth assistance, you should make an appointment with a Centrelink Financial Information Services Officer.