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Aged Care changes from January 2016


Time to act!

For those with loved ones who are considering a move into Aged Care (i.e. Nursing Homes) it’s important to be aware of changes that are occurring re the treatment of the family home.

Currently there are fairly generous exemptions in place around the potential to rent out the family home and not have this income assessed by either Centrelink or the Aged Care provider when assessing Aged Pension entitlements or fees.

However this is changing from January 2016 and rental income for new entrants will be assessed when determining Aged Care fees. Existing residents won’t be impacted.

Obviously this strategy is applicable where both members are moving into care, or only one person currently resides in the family home (i.e. they are single or widowed).

Both Robert and Warrick are accredited Aged Care Professionals and as time is quickly running out to make use of current legislation, if you have a loved one who is thinking about moving into Aged Care, we would encourage you to act now.

Aged care is not just a health event; it’s also a financial event.

For general information on Aged Care you can visit the Government My Aged Care site at, www.myagedcare.gov.au

For specific advice and strategies to help maximise your Centrelink benefits and reduce your Aged Care fees please call us on 6583 2211.


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Any advice on this website is general in nature and does not take into account your personal circumstances, objectives and needs. Therefore, before making a decision, you should consider the appropriateness of the advice with regard to those matters. Please see our Financial Services Guide for more information.

COMPASS financial management (A.B.N. 43 235 905 061) is an authorised representative of Charter Financial Planning Ltd, Australian Financial Services Licensee

 

      02 6583 2211