Planning for Aged Care
This can be a complicated area given the need to deal with two of the following three government departments, CentreLink , and the Departments of Veterans Affairs and Health and Ageing.. It is an area currently serviced by few professionals.
The government heavily subsidises the industry. Accordingly, it argues that the higher the level of income producing assets and levels of income, the more it considers that clients should contribute towards aged care costs by way of an Income Tested Fee.
The maximum Income Tested Fee for a self funded retiree can range up to $58 per day.
What you should do
1. Seeking aged care (high/low care) Accommodation?
We can refer you to a service which:- Locates Melbourne based facilities in your preferred area
- Can provide you with a nurse to assess the quality of medical services offered by facilities being considered
2.Seeking Financial Advice for an Aged Care entrant?
We can refer you to an specialist and academically qualified advisor. Be prepared to address the following issues:- Has the person seeking aged care been medically assessed as either high or low care?
- What is the comparison between Government supported and non government supported accommodation. In the latter case what are the daily costs?
- In the case of low care in a hostel, what bond is payable to the facility ?
- What are the Daily care fees as advised from the facility?
- List assets and liabilities.(.of both partners in the case of a couple).
- Have a real estate valuation of the home and an assessment of a likely rental of the home.
- Details of income sources such as pensions, (local and overseas,) superannuation income,annuities and any other income sources. Provide supporting papers.
- List and detail insurance policies and gifts made over the last 5 financial years.
- Consider the practical and emotional impact of renting or selling the client’s property
- Bring the latest advised CentreLink/Dept of Vet affairs entitlements..