Q: My wife and I are both 69 and self-funded retirees. We have $1.4 million in combined account-based pensions in our self-managed superannuation fund (SMSF), earn about $10,000 a year from a share portfolio outside super, and both hold Commonwealth Seniors Health Cards. We’ve just been told our private health insurance premiums are going up by almost 5 per cent from April, and now hear deeming rates are rising. We’re worried about the cost and whether we could lose our cards. Should we be concerned? Frank
A: It’s understandable to feel concern when two cost increases land in the same month. A private health insurance premium hike of nearly 5 per cent from April 1, coupled with higher deeming rates from March 20, is enough to make any retiree think.
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