Q – I am now retired and living on an Old Age Pension of €289.30 a week. I recently got an inheritance of €78,000 and I would like to invest €50,000 in the Post Office and €10,000 in Prize Bonds. Is it true that I will lose my medical card because of this? Richard – Cabinteely Co Dublin
A – You haven’t really given me enough details to answer Richard. I’d need to know if you are under or over 70, married or single. For instance, if you are over 70 you are entitled to both a medical card by right if your gross income is less than € 550 per week – € 1,050 per week for a couple, including a calculation for income on savings. Plus all your GP visits are free irrespective of income with the GP Visit card. Under 70 a means test is applied but if your sole income is from your State Pension, then you automatically qualify. Any means (savings) you have complicate the case as there are many thresholds and conditions. I would suggest that if you visit your local welfare office or Citizens Information Centre or email them, they should be able to give you a definitive answer based on your precise situation. Here are some guidelines. How capital is assessed for the under 70s – all capital (savings and investments) is taken into account for medical card purposes. However, income on the savings/investments or property of €36,000 for a single person and €72,000 for a couple is disregarded. This disregarded figure only applies once where both savings and property (other than your own home which is exempt) are being assessed. As I said, it’s complicated !