What if I can't afford the accommodation payment?
If you have low levels of income and assets, you might qualify as a low-means resident. The amount you pay towards your accommodation will be based on your income and assets. The Government will also cover some of the cost.
As a general rule, you are only likely to qualify if you do not own your own home or if your spouse or other "protected" person will continue living in your home, and you have income and assets under certain thresholds. A protected person includes carers or close family members who qualify for income support from Centrelink or Veterans' Affairs and have already lived in your home for at least two years as a carer or five years for a close family member.
If you think you might be eligible, you will need to fill in the assessment form and send it to either the Department of Human Services (DHS) or Veterans' Affairs (DVA).
If you do qualify, you should ask your chosen service provider whether a place is available for a low-means resident and check the fees you will be asked to pay for your accommodation.
As an accredited aged care adviser, we can talk you through the care options available to you, the costs associated with them and the best way to restructure your finances to pay for the appropriate care.
Getting the correct information and advice can help you understand your options and the implications for your cash flow, Centrelink or other concession cards, aged care fees, taxation and estate planning. This will allow you to make the best choices for your future care, security and happiness.
Disclaimer: Prepared without taking into account your objectives, financial situation or needs. Before acting on any information in this article, Olive Grove Financial Advice recommends that you consider whether it is appropriate for your circumstances. Information in this article was correct and current as of 23 May 2022.
Olive Grove Financial Advice is operated by Bill Savellis through The Financial Advisor (Australia) Pty Ltd ABN 72 619 546 431, who is a Corporate Authorised Representative (No. 1278394) of Havana Financial Services Pty Ltd.