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Neither the Aged Care Income Assessment (for determining an Income Tested Care Fee in Home Care) or the Combined Income and Assets Assessment (for determining someone’s ability to contribute towards the cost of Residential Aged Care) are compulsory. People who choose not to submit an assessment are referred to as “Means Not Disclosed” and can be charged their cost of care.
Post 1 July 2014 a person's ability to contribute towards the cost of their accommodation and care is subject to a means test which incorporates both assets and income. Refer to Residential Aged Care Means Test Factsheet. The reforms removed the distinction between low care and high care, creating a single payment structure for aged care residents.
Pre-paying a funeral enables a client to choose and pay in advance for their eventual funeral. They can pay for the funeral in full or pay it off in regular instalments over a period of time. The cost is fixed in today's dollars, even if the funeral is not for many years. Funeral bonds are an investment product that can only be withdrawn after death to pay for a funeral, they may not cover the cost of a funeral.