Grandfathered Benefits to a select group of retirees including the very wealthy
There is a group of very wealthy people who have been given the Low Income Health Card. Many draw substantial sums from their superannuation each year, in excess of $200,000 per couple and who have had this benefit 'grandfathered'. These means fewer dollars for the needy. This group, who as I mentioned receive very substantial drawings from superannuation, are given a Low income health care card with its attendant benefits. They receive funds quarterly from the Government to help them get by, do not pay Medicare Levy and receive a discount on energy costs. I am led to believe that as they have a low income health care card they will be considered as pensioners , should labour win the upcoming election and therefore receive the franking credits which will be denied to the rest of us. All this for a group who are very wealthy by any standard.
The Low Income Health Care Card and its broad range of benefits should be confined to the needy. It would be a simple matter to take into consideration all income and this would exclude the wealthy and leave more funds for those who need it. It seems to me it is just another example of a simple matter which is too difficult or sensitive for our political'leaders.
Low income is just that.It is not asset tested as such.It is issued every 12months. If you survive on income from blue chip shares (dividends)and your income from those shares is less than $561 a week you qualify.Note this is low income card not a commonwealth seniors healthcare care issued to retirees receiving a pension.They use a deeming formula to work out what your shares should be earning.If you own your own home and car and don,t smoke you can live off it (single).