Aged Care Fees: Did you know?

Tips

  • • RAD (formerly Bond) amounts can be negotiable!
  • • Some daily care fees are negotiable too!
  • • Concessional fees are available if your assets are under a certain threshold!
  • • You can minimise the means tested care fee!
  • • You may qualify for tax offsets?
  • • If you run out of money to fund your daily fees there are ways to fund the shortfall!
  • • You can avoid a decrease in Centrelink/DVA benefits with the right professional advice!
  • • Some aged care facilities are charging a draw down on your RAD or a general fee called a maintenance, refurbishment or capital upgrade fee. However, some of those fees have been revoked by the government!
  • • Want to avoid a decrease in Centrelink or DVA age pension and pay a higher means tested care fee. There are some terrific options available that allow you to obtain these concessions.

To minimise your means tested care fee and maximise social security benefits, please call us today.

Traps

  • • Aged care fees and costs along with the income and assets are often not accurately reflected when “aged care calculator’s and programs are in the wrong hands, so BEWARE.
  • • Be careful with the timing on completing the income and assets assessment form. Sometimes, it is best to complete this form as a ‘current’ admission, as it could save you thousands of dollars in means tested care fees.
  • • In the last two years, residents entering aged care may have their rental income assessed from the family home under the means tested care fee.
  • • And may have the rental income count for Centrelink’s income test threshold. After two years the home could count as an asset.

Call PrimeCare today for accurate specialist Aged Care financial advice on (03) 9006 1736.