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The Means Tested Care Fee applies to residents who enter aged care after 1 July 2014, including Low Means residents when they have a change of circumstances. The Means Tested Care Fee is used by the government to offset funding provided to the facility through the Aged Care Funding Instrument (ACFI). The amount the resident can pay is capped at the lesser of the calculated amount or their cost of care. There is also an annual limit of $28,087.41 and a lifetime limit of $67,409.85 (which includes any Income Tested Care Fees paid towards a Home Care Package).
Deeming is a set of rules used to assess income from financial investments for social security and aged care purposes. Deeming assumes that financial investments earn a certain rate of income, regardless of the amount of income they are actually earning. If income support recipients or aged care residents earn more than these rates, the extra income is not assessed.