In the confusion of new rules for aged care home residents, one of the best kept secrets is that there are ways that new means tested residents can increase the amount of age pension received, and decrease the amounts paid for aged care and accommodation in aged care facilities.
New means testing rules which started on 1 July 2014 make the total cost of living in an aged care home less affordable for many people because assets as well as income are now included in the means test. In the past, only income was included in the means test.
However, with all change comes opportunity. Firstly, it pays to shop around, and a good starting point is the new government website www.myagedcare.gov.au
Secondly, with some forethought and planning, there are legitimate ways to improve on the nominal quote you will invariably get from an aged care operator by walking in off the street. The extent of improvement of course depends on individual circumstances.
More likely than not, the aged care facility that provides you with a quote will also tell you that you should seek independent financial advice. And with good reason! They also know how you can save money but they are not licensed to provide such financial advice.
“So if you have a parent who is in need of aged care services, call me and let’s have a no obligation chat. If I can’t help you I won’t charge you.” Gary
Gary Weigh & Associates Pty Ltd is a Corporate Authorised Representative (No. 256617) of Australian Mortgage and Financial Advisers Pty Ltd, Australian Financial Services Licence No. 389206.
The article above is general advice only designed to educate and heighten awareness of aged care issues. It should not be regarded as personal advice, because it does not take into account your personal circumstances, financial situation or specific goals. For personal advice that is tailored to your needs, please contact me or consult your licensed financial adviser.