Many of us think of aged care as a service provided in an aged care facility but in fact most people access care in their own home. Around 1 million people in Australia receive aged care in their own homes...
Many people think about the end of financial year as a great time to take advantage of the End of Financial Year Sales — now just called EOFYS! But the end of financial year can be a great time for aged care residents too...
In the budget last year the government announced an incentive for people over 65 to downsize their home.
The “downsize incentive” is due to start on 1 July next year (2018) and will allow people over the age of 65 to contribute up to $300,000 from the proceeds of the sale of their home into their superannuation. In the case of a couple this means up to $600,000 could be contributed...
We are seeing an increasing number of people coming to see us only AFTER they have received the “OMG letter” from Centrelink...
If you have searched for the answer to “How much can an aged care resident pay for care?” you will invariably end up with an answer that is $X “up to the cost of care”... So what is “the cost of care”?
Downsizing is an exciting time that normally sees significant changes to your lifestyle and your budget.
Here are my top 5 tips for anyone thinking about downsizing.
Q: Will I need to pay a Means Tested
A: The answer is often yes.
Q: What if I don’t have any money?
A: A common misconception about Aged Care is “if I don’t have any money, I won’t get in”, in reality most Aged Care Facilities keep a ratio of people with low means and those who pay the market price.
Q: Can I gift my money/assets away?
A: The simple answer is yes, but be aware of the consequences.
Q: What does a home care package cost?
A: The cost of a Home care packages consists of a basic daily fee and an income tested care fee.
Q: When can I claim financial hardship?
A: If you are genuinely having difficulty paying for the cost of home or residential aged care can apply and the reasons beyond your control you can apply for financial hardship assistance.
Q: Should we keep or sell the family home?
A: The simple answer is it depends. There are both advantages and disadvantages of keeping the family home.
Q: How are assets and income assessed for couples?
A: The simple answer is the assets and income of a couple are assessed on a 50/50 basis and the home is exempt while one member is living there. If both members of a couple are entering care timing the move can create very different outcomes.