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Deeming

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.

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Low Means

People who enter an Aged Care Facility after 1 July 2014 have their ability to contribute towards the cost of their accommodation and care calculated based on their assets and income. Refer to Residential Aged Care Means Test Factsheet. Where the calculated amounted is less the maximum accommodation supplement of $58.19 per day (as at 31 March 2020) the resident is classified as Low Means.

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Former Home and Rent

For most people looking at funding aged care the biggest decision they face is whether to keep (and possibly rent) or sell the former home

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Loans to fund a RAD

Loans from family to fund a RAD have impacts on the cost of care and potentially estate planning. The Aged Care Act 1997 does not preclude a family member of a resident making a contribution towards their accommodation payment.  However, an aged care provider must not accept a lump sum payment which would leave the resident with less than the minimum permissible asset level within 28 days of entry and the provider has sufficient information to know the person’s means.

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