If passed, the bill will apply from 20 September 2022.

Minister for Social Services Amanda Rishworth said the bill will ensure that more Australians qualify for the Commonwealth Seniors Health Card and ease some of the cost of living pressures that many senior Australians are currently facing.

The Commonwealth seniors health card is available to Australian residents or special category visa holders who have reached the age-pension age or veteran-pension age and do not receive a social security pension or benefit or veteran service pension or income support supplement due to their income and/or assets.

Labor estimates that the changes will allow more than 50,000 self-funded retirees become newly eligible for the card.

“This is a very important move that will affect the lives of many self-funded retirees to deal with the cost of health care,” Ms Rishworth stated.

The bill will also allow more self-funded retirees to access the Commonwealth concessions on medical and pharmaceutical benefits, including a reduced PBS co-payment.

If passed, it will lower the PBS safety net and extended Medicare safety net thresholds.

“For example, instead of facing a PBS co-payment of $42.50, an eligible self-funded retiree will now pay a maximum of $6.80 for any medicines listed on the PBS,” said Ms Rishworth.

“The Albanese government does take the cost-of-living pressures faced by our communities seriously, and we will continue to work in these practical examples, in practical ways, to support the Australian community, particularly our older Australians living with cost of living pressures,” she stated.