Thousands of seniors face the possibility of losing access to the Commonwealth seniors health card from Thursday as the government's tighter restrictions on eligibility come into effect.
From January 1 account-based pensions and superannuation income streams will no longer be exempt from the seniors card income test, leaving many seniors confused and angry.
"We deserve the card, we've paid taxes all our life, we've worked hard and not been a strain on the taxpayer," said 76-year-old self-funded retiree Lynette Doorn.
"Both my husband and I are self-retired, he's not too well now. He's got cancer, so it all adds up."
"We are getting on a bit, but I'm more worried about my kids, what is their generation going to do?"
While some retirees will have the benefits they currently receive grandfathered, others may miss out depending on individual circumstances. If seniors change their product or purchase a new allocated pension they risk losing the card.
In most cases allocated pensions held before January 1 will remain eligible for the health card, but the rules are a big shift for those yet to retire.
Retired couples with an income of more than $80,000 a year or singles who earn more than $50,000 a year could lose access to the concession card, which provides discounts on utility bills in some states and medical bills, pharmaceuticals and transport, as well as an $886 yearly payment for singles or a $1321 a year payment for couples
Fellow self-funded retiree Kerry Koliadis is also frustrated by the new regulations.
The 81-year-old is concerned about the cost of his medical bills increasing as he suffers from high blood pressure and diabetes.
"We understand that the government needs to balance the economy but we have worked for 40 years and paid our taxes."
Like Ms Doorn, he is concerned that the new regulations will discourage future generations from self-funding their retirement.
"We are the good forgotten Australians, we made and paid our own way."
Mr Koliadis said that he and his wife had postponed their trip to Greece over the financial concerns they were facing.
Retirees who were planning on spending an extended time outside of Australia could face the prospect of loosing their card upon their return.
Under the new regulations, retirees who spend more than 19 weeks outside Australia could have their card cancelled.
They can re-apply when they return, but the grandfathered exemptions will be lost.
The new regulations come after a year in which the government has attempted to find savings in the sector due to Australia's ageing population.
In May, Treasurer Joe Hockey announced that Australians born after 1965 will have to work until they are 70 before they are eligible for the age pension.
At the same time Mr Hockey flagged the possibility of raising the perseveration age, the age at which Australian's can access their superannuation. A move supported by the financial services industry.
"It doesn't make sense not to lift the preservation age in sync with the age pension age, otherwise you run the risk that people with smaller balances will just consume them and then go onto the age pension," said Michael Monaghan, Managing Director of State Super Financial Services
