Cheatsheet for the Income and Asset Assessment in Residential Aged Care
When entering residential aged care, your income and assets pay a large role in determining how much you need to pay for your care.
Whether you need to pay an accommodation contribution, a means tested care fee and accommodation costs depends on your income and assets. This assessment can be a little confusing due to the thresholds of both income and assets.
Here is our cheat sheet for the income and asset assessment in residential aged care.
|
Asset |
$0 - $58,499 |
$58,500 - $197,699 |
$197,700+ |
|
Income |
$0 - $32,299 |
$32,300 - $75,999 |
$76,000+ |
|
Basic Daily Fee Pays the day-to-day services such as meals, cleaning, facilities management. 85% of full single pension. |
✔ |
|
|
|
Accommodation Contribution A contribution to the room. Can be paid as a lump sum or as a daily contribution. |
|
✔ |
|
|
Means Tested Care Fee A contribution toward the cost of care (personal and clinical). Determined by a means assessment. Up to $400/day. Capped at $32,000 per annum and $78,500 lifetime. |
|
|
✔ |
|
Accommodation Cost Cost towards covering the room. Can be paid as a refundable accommodation deposit or a daily accommodation payment or a combination of both. |
|
|
✔ |
If you are unfamiliar with some of the terms used in this cheat sheet, check out our guide to residential aged care fees.
We’ve also got a handy guide to the acronyms used in residential aged care here.
If you have further questions on the income and asset assessment, check out My Aged Care, or give us a call on 1300 223 968 or email [email protected].
