This article looks at the difference between retirement villages and lifestyle villages and its treatment from a social security perspective.
The Government has legislated a targeted exemption for CGT events where an older person or a person with a disability acquires, varies or disposes of a granny flat interest and there is a formal written agreement in place.
Federal Budget 2021 announcement relating to Aged Care.
July 2019 to 30 Sep 2019 - A guide to Australian Government payments covers most of the benefits that can be claimed through Department of Human Services and Centrelink
This article includes information regarding: Applying for Centrelink or DVA benefits; Reviewing assets and income; Gifting; Reviewing your dependants; Commonwealth Seniors Health Card; Low income health card; Aged Care.
The following article looks at the 2019-20 Budget announcement relating to Aged Care
When you move into residential aged care you may be required to pay an accommodation contribution or accommodation payment. These accommodation costs may be funded from the sale proceeds of the family home. If you choose to keep your family home, other funding strategies may be considered.
Jan 2019 to 19 March 2019 - A guide to Australian Government payments covers most of the benefits that can be claimed through Department of Human Services and Centrelink
In this article we will look at getting started on the track to accessing government subsidised aged care services. You will understand the assessments required to determine whether you, or your loved one, is eligible to receive aged care support.
This article will look at the type of care available, depending on the outcome of your assessment. From low-level basic care needs, to 24-hour support in a residential aged care home, each stage of support is designed to help you live as independently as possible.
In this guide we will look at some of the costs involved in receiving aged care support. We will also look at how much you or your loved one may need to contribute to the cost of aged care services depending on your means.
The uncertainty surrounding where to move, how much it will cost and where the money will come from can be overwhelming and stressful. This article provides the basics. You will understand the steps you need to take.
Each individual situation may have a different strategy that help to reduce the means tested fees. We have summarised the different situations and the strategy that may assist.
Information on Aged Care Strategy Former Home – Retain and rent former home
Information on Aged Care Strategy Former Home – Retain former home and leave vacant
Information on Aged Care Strategy Former Home – Retain former home for two years, then sell
Information on Aged Care Strategy Former Home – Sell former home
Information on Aged Care Strategy - Gifting within allowable limits
Information on Aged Care Strategy Estate Planning – Purchasing a funeral bond
Information on Aged Care Strategy Estate Planning – Purchasing a pre-paid funeral or burial plot
Information on Aged Care Strategy Investment – Insurance bond in a trust
Information on Aged Care Strategy Investment – Purchase long term annuity
Information on Aged Care Strategy Accommodation Payment – Pay accommodation payment as a Refundable Accommodation Deposit (RAD)
Information on Aged Care Strategy Accommodation Payment – Drawing down DAP from RAD
Information on Aged Care Strategy Accommodation Payment – Qualifying as a low means resident
Information on Aged Care Strategy Accommodation Payment – Pay accommodation contribution as a Refundable Accommodation Contribution (RAC)
Information on Aged Care Strategy Accommodation Payment – Loan from family member to fund RAD
Information on Aged Care Strategy Accommodation Payment – Timing entry when couples enter care
Information on Aged Care Strategy Superannuation – Contribute or rollover income streams to accumulation phase if under age pension age
Information on Aged Care Strategy Superannuation – Contribute funds into spouse’s superannuation fund if under age pension age
Information on Aged Care Strategy Superannuation – Drawing the minimum pension payments from a grandfathered account based pension
Information on Aged Care Strategy Superannuation – Switch grandfathering off by commuting and rolling over grandfathered account based pensions to apply deeming
1 July 2018 to 19 September 2018 - A guide to Australian Government payments covers most of the benefits that can be claimed through Department of Human Services and Centrelink
Carer allowance income test will come into effect from 20th September 2018.
Aged care residents are now able to provide consent for Centrelink or the Department of Veterans Affairs to disclose their income and assets details to aged care providers.
The Federal Court handed down a decision on 2 March 2018 disallowing an aged care provider (Regis Aged Care) from levying an “asset replacement charge” on aged care residents. This is an important decision that may impact a number of aged care residents.
For existing residents of residential aged care facilities, means tested care fees and/or accommodation contributions are determined through a quarterly fee reconciliation process.
This article we look at the proposed changes to senior Australians in the May 2018 Federal Budget.
20 March 2018 to 30 June 2018 - A guide to Australian Government payments covers most of the benefits that can be claimed through Department of Human Services and Centrelink.
When entering a residential aged care facility, residents have the choice of paying some or all of their costs for accommodation as a lump sum. However residential aged care facilities are subject to a ‘minimum permissible asset requirement’ which limits the amount the facility can accept as a lump sum payment for accommodation.
Assessment for income support payments for couples - exceptions to the rule.
For existing residents of residential aged care facilities, means tested care fees and/or accommodation contributions are determined through a quarterly fee reconciliation process.
1st January to 19 March 2018 - A guide to Australian Government payments covers most of the benefits that can be claimed through Department of Human Services and Centrelink.
The three main ways to pre-pay for funeral expenses are: - funeral bonds - pre-paid funerals - burial plots
When a member of a couple enters residential aged care, the general rule is that the means tested amount is calculated using half of the combined income of the couple. However, when including income support payments (eg. Age Pension) in the means tested amount assessment, the general rule does not apply.
20th September to 31st December 2017 - A guide to Australian Government payments covers most of the benefits that can be claimed through Department of Human Services and Centrelink.
People that lost their pension concession card at the beginning of January 2017 due to the changes of their asset and income test should have received their card back by the 9th October 2017.
Young people accessing aged care services may be eligible for supports through the National Disability Insurance Scheme (NDIS), as it rolls out across Australia through to 2020. Younger people who are already in aged care can continue to receive aged care and may become eligible for additional supports through the NDIS.
From 27 February 2017 the way home care packages are administered changed whereby the packages allocated to individuals rather than to the home care provider.
The fact of life is that at some point in time a person will need to be cared for. One of the options is to move in to residential aged care. The following article contains 5 steps to make the transition smoother.
It is not uncommon for family members to lend money to an aged care resident to fund the Refundable Accommodation Deposit (RAD) payable when entering an aged care facility however this may result in additional costs.
This article will explain the 4 Steps to accessing Home Care Packages
The government is encouraging the trend for older Australians to stay at home and is providing financial packages to fund supportive services.
On the 1st January 2017 there will be a major change regarding the assessment of a former residential for a person entering aged care.
Aged Care reference guide as at 1 July 2016 including residential aged care - daily care fees, accommodation payments/contributions, home care - daily care fees & other important information
Aged Care reference guide as at 1 July 2014 including residential aged care - daily care fees, accommodation payments/contributions, home care - daily care fees & other important information
The only topic people don’t like talking about more than death is getting old and becoming incapable of looking after oneself. Sadly, with the Australian population over the age of 70 likely to reach nearly four million in the next 20 years, aged care is an issue that will be of increasing