OLDER Australians are feeling the squeeze from rising living costs, with new research revealing insurance, electricity and healthcare have become the biggest financial concerns for many retirees.
A survey of more than 4000 older Australians by National Seniors Australia found almost half of respondents were worried about the affordability of general insurance, electricity, healthcare and private health insurance.
The findings come as National Seniors Australia ramps up its campaign against proposed changes to the private health insurance rebate, warning any reduction could force more older Australians to downgrade or abandon their cover.
The organisation said rising insurance premiums and increasing out-of-pocket medical costs were already placing significant pressure on household budgets.
While 46 per cent of respondents said they were not concerned about the affordability of everyday goods and services, financial pressures varied dramatically depending on income and where people lived.
Older Australians receiving the full Age Pension were far more likely to be struggling than self-funded retirees.
Compared with self-funded retirees, pensioners were almost four times more likely to be worried about transport costs and housing affordability, while concern about groceries, phone and internet bills and subscriptions was more than three times higher.
The survey also found almost half of full pensioners were concerned about paying for electricity and general insurance, while more than four in 10 worried about healthcare costs.
By comparison, 59 per cent of self-funded retirees said they had no concerns about any of the items included in the survey, compared with just 20 per cent of full pensioners.
National Seniors Australia Director of Policy and Research Dr Brendon Radford said the findings highlighted the need for targeted government support for older Australians on lower incomes.
It is also urging the Federal Government to abandon proposed changes to the private health insurance rebate.
