We hear of many people that don’t apply for the age pension because they don’t think it is worth it. “I’ll probably only get a few dollars so it’s not worth the effort” is a common refrain.
What many people don’t consider are all the fantastic benefits you receive once you get even $1 of age pension. These benefits include cash supplements as well as numerous discounts. So what are they?
Those on the Age Pension get two cash supplements.
The minimum pension supplement is $37.80 a fortnight for a single and $57.00 for a couple ($28.50 each). Over a year this works out to be $982.80 for a single and $1,482 for a couple. This is the minimum you would receive.
If you get the age pension you also receive the energy supplement. The energy supplement is paid fortnightly and works out to be $366.60 a year for a single and $551.20 for a couple.
So if you are eligible for even $1 of age pension you will receive these two supplements which will give you an additional amount of at least $1,349.40 for a single and $2,033.20 for a couple each year.
Once you are receiving the age pension you also get the Pensioner Concession Card. This can give you cheaper medicine, bulk billed GP visits, bigger refunds for medical costs and help with hearing services. In addition, each State and Territory offers a range of discounts on things such as public transport, rates and utilities. These discounts and refunds can save pensioners thousands of dollars.
So what difference does a dollar make?
It can make several thousand dollars difference in supplements and discounts.
Even if you don’t think you will get much from the pension, those supplements and discounts are definitely worth pursuing. If you think you might be eligible for even a tiny amount of age pension or haven’t gotten around to applying yet, it might be worth getting started by checking your entitlements on our age pension calculator.