Volume 2 Edition 5 Newsletter
FINANCIAL CARE SERVICES
Independent aged care, lifestyle and financial advice for seniors
Volume 2 Edition 5 – 23 July 2012
CENTRELINK INCREASES IN ALLOWABLE AMOUNTS FOR PENSION INCOME AND ASSET TESTS
Read about July 2012 changes to the Income Test and Assets Test for Age and Disability Support Pensions from Centrelink
AGED CARE ASSETS ASSESSMENTS ON ENTRY TO PERMANENT RESIDENTIAL AGED CARE
Read this article to learn more about the Asset Assessment process underlying the accommodation bonds levied for residential aged care
BREAKING THE LINK BETWEEN THE AGE PENSION AND BASIC DAILY CARE FEE FOR RESIDENTIAL AGED CARE
Avid readers of the Commonwealth Department of Health and Aging’s Schedule of Resident Fees and Charges would have noticed that all types of Basic Daily Fees increased by fifty cents per day as from 1 July 2012.
But this increase is ‘out of cycle’. The Basic Daily Fee for a new resident in receipt of the full Age Pension was set in September 2009, at 84% of the Single rate of Age Pension excluding the Pension Supplement. Thus the Basic Daily Fee rate increases each March and September in line with increases in the Age Pension. Maybe the $0.50 increase in the Basic Daily Fees is associated with the Clean Energy – Advance Initial payment.
Late in the 2011/2012 financial year, the Commonwealth paid DVA and Centrelink pensioners and Commonwealth Health Care Card holders a Clean Energy – Advance Initial payment. This payment was intended to help with cost increases flowing from the carbon tax. The Centrelink announcement noted under “Support for Aged Care Facilities – New arrangements will ensure that household assistance will be shared fairly between aged care residents and aged care homes.”
In summary, our aged care residents might like to ‘save’ most of that $250 Clean Energy – Advance Initial payment to fund their additional Basic Daily Fees until the next instalment for Commonwealth Health Care Card holders is paid in June 2013 and Pensioners receive an adjustment in March 2013.
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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. © 2012 Financial Care Services Pty Ltd. All rights reserved.