The MB+M Wealth Creation team provides a guide to concession cards

For most of us the excitement of retirement and a new stage of life also raises the question of how to manage our finances. Seniors’ concession cards can help to make ends meet. As the cost of living continues to climb, discounts on goods and services are of even more value right now.

Many businesses (from cinemas to hairdressers) offer reduced prices to concession card holders. Concession cards for seniors provide significant discounts on medicines, public transport, rates and power bills.

There are different types of concession cards offered by federal, state and territory governments. While some are for those receiving government benefits, others are available to almost anyone aged over 60. The cards are free and should not be confused with commercial discount cards that can require a fee or ongoing subscription. Here are some of the common concession cards in Australia.

Pensioner Concession Card

The Pensioner Concession Card is automatically issued to people receiving pensions or certain allowances.

The card provides discounts on most medicines, out-of-hospital medical expenses, hearing assessments, hearing aids and batteries, and some Australia Post services. Your state or territory government and local council may offer you more benefits.

In Victoria holding the Pensioner Concession Card may lower your:

• utility bills
• property and water rates
• public transport fare
• motor vehicle registration
• train fare.

Seniors Card

The Seniors Card is available to anyone no longer working full time, regardless of your assets or income available when you turn 60 (64 in WA).

The Card allows you to claim discounts on a range of goods and services like gift vouchers, fishing license (in Victorian waters) and public transport fares. The Seniors Card encourages older Victorians to keep active and engaged in the community through offers and incentives that make it affordable to get out and about. Thousands of businesses across Australia also offer reduced prices to Seniors Card holders. The eligibility criteria and benefits can vary between states and territories.

Commonwealth Seniors Health Card

If you’ve reached the age for an Age Pension but you’re not eligible to receive a pension, you may be entitled to the Commonwealth Seniors Health Card.

You will receive similar benefits to the Pensioner Concession Card. While there is an identity requirement and income test, no assets test applies.

Health Care Card

For those on a low income but not yet at Age Pension age, the Low-Income Health Care Card can be a big help. If you meet the income test, you’ll get cheaper prescription medications and discounted medical and other discounts.

Veteran Card

The Department of Veterans’ Affairs has a concession card for anyone who has served in the armed forces and their dependents.

The Veterans Card provides access to cheaper medicines and medical care as well as discounts from various businesses.

Carer Card

Carer Cards are issued to individuals who provide unpaid care and support to someone with a disability or medical condition. These cards may offer discounts on public transport and other services to support carers in their role.

State/Territory Concession Cards

Each state and territory in Australia may also offer its own concession cards with specific benefits. These cards can vary widely in eligibility and benefits.

As you can see, the potential savings from concession cards can be significant so be sure to check your eligibility. If you would like help working out your income and other eligibility requirements, give us a call to discuss how we can help you on (03) 5831 1233.

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Published 24 October 2023.
The information provided in this article is general in nature only and does not constitute financial advice.