Volume 6 Edition 1 Financial Care Services Newsletter
FINANCIAL CARE SERVICES NEWSLETTER
Independent aged care, lifestyle and financial advice for seniors
Volume 6 Edition 1 – 30 January 2016
A New Year Resolution to transition your parents into a more supportive home.
How were the elders coping during the family gatherings? Could granny still imagine new scenarios or does she only reminisce times past? If anyone is noticeably frailer in body and/or less mentally agile then your New Year Resolution might be to assist them towards a more supported home environment.
Are their outings focused on medical appointments with few social events? Is the fear of falling or a personal problem restricting their movement? Maybe it is time to start thinking about a more supported home environment for your senior family members.
Early in the year is a good time to be looking for residential aged care. New beds are opening but the demand for places is more subdued than in winter. To start the aged care entry process the potential aged care resident needs an ACAT Assessment: the permit to occupy a Commonwealth subsidized aged care bed.
With your ACAT in hand, the next step is to find a suitable aged care place and negotiate the Accommodation Room Price.
New Year changes at Centrelink
From January 2016, Centrelink will apply a maximum discount of 10% to any defined benefit superannuation pension amount for the purposes of the Income Tests.
That means that your Age Pension could be reduced if you are receiving a pension from Comsuper or ESSS in Victoria, or another public sector superannuation scheme, or private employer sponsored superannuation fund.
Aged care residents could also have their care fees increased to reflect the lower discount, that is, the increased amount of Income that Centrelink assess for the aged care Income Tested fee for pre-July 2014 entrants and the means tested care fee for later entrants.
Aged care means test rental income exemption closed
From January 2016, a new aged care resident would have any rental income from her former home included in her income for the aged care means tested fee calculation. This change does not impact the Age Pension and DVA Service Pension or ISS provisions for aged care residents. Read more
The closure of the aged care means test rental income exemption does not impact permanent residents who entered Commonwealth regulated aged care before January 2016. An existing aged care resident may rent out her former home and continue to be treated as a ‘homeowner’ for pension means test purposes, and have the rent excluded from ‘income’ at Centrelink and DVA provided that some aged care accommodation costs are being paid via daily charges.
January 2016 changes for mail deliveries
The good news is that Commonwealth Concession Card holders can still send a letter anywhere in Australia for just sixty cents. Pensioners and Health Card holders need to register for MyPost Concession cards to access the Concession stamps.
The slow news is that your ‘Regular’ mail service will take at least one business day longer than the 2015 standard delivery service. For a less slow Priority service, you can attach a fifty cent Priority label beside the Concession stamp on your letter.
Hint. Get organised
Apply for your Pension or Commonwealth Seniors Health Card and then your MyPost Concession Card.
Financial Care Services can help with eligibility checks Contact Us now for the Financial Services Guide and the Age Pension/CSHC personal data form
Be organised ready to mail that greeting card a whole week before the celebration date. A MyPost Concession stamp would then meet your needs.
Financial Care Services is an independent financial advisory service specialising in seniors in transition to new accommodation and lifestyles plus Centrelink Pensions.
Financial Care Services core value in financial advice is to assist with your money plan in the responsible management of your assets to generate the cash flow needed for your lifetime planning.
To make an appointment for confidential, independent and professional advice about aged care, retirement lifestyle or financial issues please contact Christine Hopper or call 03 9808 0338.
Financial Care Services Pty Ltd
Independent aged care, lifestyle and financial advice for seniors in Melbourne, Victoria, Australia
Australian Financial Services Licence Number
299570 (check this at www.search.asic.gov.au/fsr/flb.html)
Authorised Representative Number
252529 (check this at www.search.asic.gov.au/fsr/far.html)
Telephone – call +61 3 9808 0338
Email – contact firstname.lastname@example.org
Address – mail or meet at 172 Warrigal Road, Camberwell Victoria 3124
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Disclaimer: The information contained in this newsletter is of a general nature only and does not constitute “financial advice”. You should obtain your own personal financial advice before investing any money or moving in to any retirement village, lifestyle community or aged care facility. Financial Care Services is licensed to provide financial advice to individual clients based on their personal situations.
All eligibility for Commonwealth benefits will be determined by Centrelink or DVA, based on your personal position as documented and the legislation and Regulations in force at that time.
© 2016 Financial Care Services Pty Ltd. All rights reserved.