The document provides information about aged care costs in Australia, including:
1) Home care packages and respite care can help people stay at home, but have associated costs that are assessed based on income and assets.
2) Residential aged care involves accommodation payments like RADs and DAPs to cover housing costs, as well as daily fees and means-tested care fees to cover living expenses and care.
3) Not being able to afford accommodation payments does not preclude entry to aged care facilities, as places are set aside for financially disadvantaged residents through government subsidies.
This presentation provides an overview of the road map needed to avoid the land mines and traps related to Medicaid. Proper planning is needed to preserve a legacy, cover final expenses and still be eligible for all available Medicaid benefits.
Life Insurance Trusts and Charitable Planning Techniquesscoop85
Learn techniques to provide protection for life insurance proceeds against estate tax exposure and creditors, and how to integrate charitable planning techniques that benefit the client and their family as well as selected charities.
This presentation provides an overview of the road map needed to avoid the land mines and traps related to Medicaid. Proper planning is needed to preserve a legacy, cover final expenses and still be eligible for all available Medicaid benefits.
Life Insurance Trusts and Charitable Planning Techniquesscoop85
Learn techniques to provide protection for life insurance proceeds against estate tax exposure and creditors, and how to integrate charitable planning techniques that benefit the client and their family as well as selected charities.
PYA hosted a complimentary one-hour webinar aimed at helping independent medical group owners, partners and practice executives, law firms, and financial advisors by offering strategies for physician practice survival. Practices are exploring every avenue to remain solvent while health systems express concerns about the survival of the independent groups in their communities.
PYA Principals Lori Foley and Jeff Bushong, along with Consultant Katie Ray, discussed:
Cash flow support, including the CARES Act Paycheck Protection Program and Medicare Advance Payments.
Staffing considerations, including the Families First Coronavirus Response Act (FFCRA), pay reductions, and furloughs.
Operations during crisis management, including topline revenue preservation and expense reductions.
The webinar took place Monday April 6, 2020, at 11:00 am EDT.
Using Life Insurance in Zero Tax Estate Planningwardwilsey
This presentation describes the uses of life insurance in estate plans designed to eliminate the estate tax. For a version with audio as well, please email me at wardwilsey@wilseylaw.com
Planned Giving Opportunities with the Upcoming Transfer of Wealth (Pt. 1/2)West Muse
Studies show that $9 trillion in assets will be passed in the U.S. from Baby Boomers to Gen X and millennials by 2027. It is imperative that fundraisers plan thoughtfully for this transfer of wealth because great opportunity exists to secure planned gifts. While many nonprofits focus on immediate funding needs, museums are in a unique position, responsible for long-term institutional preservation and collections care. It is not only prudent but necessary to develop sustainable revenue.
This presentation is about how to integrate charitable gift planning into your overall financial strategy in a way that will allow you to give to your favourite charities and reduce your overall taxes.
Is planning for Long Term Care something that you have been putting off? Maybe never crossed your mind? Take a few minutes to look at "Long Term Care Planning 101" and learn about the three and only three ways to pay for care.
PYA hosted a complimentary one-hour webinar aimed at helping independent medical group owners, partners and practice executives, law firms, and financial advisors by offering strategies for physician practice survival. Practices are exploring every avenue to remain solvent while health systems express concerns about the survival of the independent groups in their communities.
PYA Principals Lori Foley and Jeff Bushong, along with Consultant Katie Ray, discussed:
Cash flow support, including the CARES Act Paycheck Protection Program and Medicare Advance Payments.
Staffing considerations, including the Families First Coronavirus Response Act (FFCRA), pay reductions, and furloughs.
Operations during crisis management, including topline revenue preservation and expense reductions.
The webinar took place Monday April 6, 2020, at 11:00 am EDT.
Using Life Insurance in Zero Tax Estate Planningwardwilsey
This presentation describes the uses of life insurance in estate plans designed to eliminate the estate tax. For a version with audio as well, please email me at wardwilsey@wilseylaw.com
Planned Giving Opportunities with the Upcoming Transfer of Wealth (Pt. 1/2)West Muse
Studies show that $9 trillion in assets will be passed in the U.S. from Baby Boomers to Gen X and millennials by 2027. It is imperative that fundraisers plan thoughtfully for this transfer of wealth because great opportunity exists to secure planned gifts. While many nonprofits focus on immediate funding needs, museums are in a unique position, responsible for long-term institutional preservation and collections care. It is not only prudent but necessary to develop sustainable revenue.
This presentation is about how to integrate charitable gift planning into your overall financial strategy in a way that will allow you to give to your favourite charities and reduce your overall taxes.
Is planning for Long Term Care something that you have been putting off? Maybe never crossed your mind? Take a few minutes to look at "Long Term Care Planning 101" and learn about the three and only three ways to pay for care.
Women have unique financial issues and needs. This presentation discusses 15 of the most common misconceptions women have about general financial strategies, retirement and estate planning, insurance, as well as money and relationships. It provides guidance on strategies to help women manage their finances.
How many people in this room expect to need long-term care one day? It’s not surprising that few of us do, because it’s hard to face the fact that our health might decline. But statistics suggest that the risk is greater than we think. Approximately 70% of us--that’s 7 out of every 10 people here today--will need some type of long-term care services during our lifetimes at some point after we reach age 65. And though it's good news that people are living longer, a long life span increases the chance of developing serious health problems. In fact, according to the Alzheimer’s Association, one in nine people age 65 and older has Alzheimer’s disease, which often leads to the need for nursing home care. And while older people are more likely to need long-term care, younger people may need care too, as a result of a disabling accident or illness such as multiple sclerosis or Parkinson’s disease.
This isn’t meant to scare you, but rather to remind you that the need for long-term care can happen to anyone at any time. The need to be prepared is real, and something that you shouldn’t ignore.
This is a presentation for Blue Edge Financial Planning for a post on their Facebook page.
It is their Spring newsletter.
You can follow them on Facebook at:
http://www.facebook.com/blueedgefinancialplanning
New Directions in Targeted Therapeutic Approaches for Older Adults With Mantl...i3 Health
i3 Health is pleased to make the speaker slides from this activity available for use as a non-accredited self-study or teaching resource.
This slide deck presented by Dr. Kami Maddocks, Professor-Clinical in the Division of Hematology and
Associate Division Director for Ambulatory Operations
The Ohio State University Comprehensive Cancer Center, will provide insight into new directions in targeted therapeutic approaches for older adults with mantle cell lymphoma.
STATEMENT OF NEED
Mantle cell lymphoma (MCL) is a rare, aggressive B-cell non-Hodgkin lymphoma (NHL) accounting for 5% to 7% of all lymphomas. Its prognosis ranges from indolent disease that does not require treatment for years to very aggressive disease, which is associated with poor survival (Silkenstedt et al, 2021). Typically, MCL is diagnosed at advanced stage and in older patients who cannot tolerate intensive therapy (NCCN, 2022). Although recent advances have slightly increased remission rates, recurrence and relapse remain very common, leading to a median overall survival between 3 and 6 years (LLS, 2021). Though there are several effective options, progress is still needed towards establishing an accepted frontline approach for MCL (Castellino et al, 2022). Treatment selection and management of MCL are complicated by the heterogeneity of prognosis, advanced age and comorbidities of patients, and lack of an established standard approach for treatment, making it vital that clinicians be familiar with the latest research and advances in this area. In this activity chaired by Michael Wang, MD, Professor in the Department of Lymphoma & Myeloma at MD Anderson Cancer Center, expert faculty will discuss prognostic factors informing treatment, the promising results of recent trials in new therapeutic approaches, and the implications of treatment resistance in therapeutic selection for MCL.
Target Audience
Hematology/oncology fellows, attending faculty, and other health care professionals involved in the treatment of patients with mantle cell lymphoma (MCL).
Learning Objectives
1.) Identify clinical and biological prognostic factors that can guide treatment decision making for older adults with MCL
2.) Evaluate emerging data on targeted therapeutic approaches for treatment-naive and relapsed/refractory MCL and their applicability to older adults
3.) Assess mechanisms of resistance to targeted therapies for MCL and their implications for treatment selection
Pulmonary Thromboembolism - etilogy, types, medical- Surgical and nursing man...VarunMahajani
Disruption of blood supply to lung alveoli due to blockage of one or more pulmonary blood vessels is called as Pulmonary thromboembolism. In this presentation we will discuss its causes, types and its management in depth.
Flu Vaccine Alert in Bangalore Karnatakaaddon Scans
As flu season approaches, health officials in Bangalore, Karnataka, are urging residents to get their flu vaccinations. The seasonal flu, while common, can lead to severe health complications, particularly for vulnerable populations such as young children, the elderly, and those with underlying health conditions.
Dr. Vidisha Kumari, a leading epidemiologist in Bangalore, emphasizes the importance of getting vaccinated. "The flu vaccine is our best defense against the influenza virus. It not only protects individuals but also helps prevent the spread of the virus in our communities," he says.
This year, the flu season is expected to coincide with a potential increase in other respiratory illnesses. The Karnataka Health Department has launched an awareness campaign highlighting the significance of flu vaccinations. They have set up multiple vaccination centers across Bangalore, making it convenient for residents to receive their shots.
To encourage widespread vaccination, the government is also collaborating with local schools, workplaces, and community centers to facilitate vaccination drives. Special attention is being given to ensuring that the vaccine is accessible to all, including marginalized communities who may have limited access to healthcare.
Residents are reminded that the flu vaccine is safe and effective. Common side effects are mild and may include soreness at the injection site, mild fever, or muscle aches. These side effects are generally short-lived and far less severe than the flu itself.
Healthcare providers are also stressing the importance of continuing COVID-19 precautions. Wearing masks, practicing good hand hygiene, and maintaining social distancing are still crucial, especially in crowded places.
Protect yourself and your loved ones by getting vaccinated. Together, we can help keep Bangalore healthy and safe this flu season. For more information on vaccination centers and schedules, residents can visit the Karnataka Health Department’s official website or follow their social media pages.
Stay informed, stay safe, and get your flu shot today!
Acute scrotum is a general term referring to an emergency condition affecting the contents or the wall of the scrotum.
There are a number of conditions that present acutely, predominantly with pain and/or swelling
A careful and detailed history and examination, and in some cases, investigations allow differentiation between these diagnoses. A prompt diagnosis is essential as the patient may require urgent surgical intervention
Testicular torsion refers to twisting of the spermatic cord, causing ischaemia of the testicle.
Testicular torsion results from inadequate fixation of the testis to the tunica vaginalis producing ischemia from reduced arterial inflow and venous outflow obstruction.
The prevalence of testicular torsion in adult patients hospitalized with acute scrotal pain is approximately 25 to 50 percent
Report Back from SGO 2024: What’s the Latest in Cervical Cancer?bkling
Are you curious about what’s new in cervical cancer research or unsure what the findings mean? Join Dr. Emily Ko, a gynecologic oncologist at Penn Medicine, to learn about the latest updates from the Society of Gynecologic Oncology (SGO) 2024 Annual Meeting on Women’s Cancer. Dr. Ko will discuss what the research presented at the conference means for you and answer your questions about the new developments.
These lecture slides, by Dr Sidra Arshad, offer a quick overview of physiological basis of a normal electrocardiogram.
Learning objectives:
1. Define an electrocardiogram (ECG) and electrocardiography
2. Describe how dipoles generated by the heart produce the waveforms of the ECG
3. Describe the components of a normal electrocardiogram of a typical bipolar leads (limb II)
4. Differentiate between intervals and segments
5. Enlist some common indications for obtaining an ECG
Study Resources:
1. Chapter 11, Guyton and Hall Textbook of Medical Physiology, 14th edition
2. Chapter 9, Human Physiology - From Cells to Systems, Lauralee Sherwood, 9th edition
3. Chapter 29, Ganong’s Review of Medical Physiology, 26th edition
4. Electrocardiogram, StatPearls - https://www.ncbi.nlm.nih.gov/books/NBK549803/
5. ECG in Medical Practice by ABM Abdullah, 4th edition
6. ECG Basics, http://www.nataliescasebook.com/tag/e-c-g-basics
- Video recording of this lecture in English language: https://youtu.be/lK81BzxMqdo
- Video recording of this lecture in Arabic language: https://youtu.be/Ve4P0COk9OI
- Link to download the book free: https://nephrotube.blogspot.com/p/nephrotube-nephrology-books.html
- Link to NephroTube website: www.NephroTube.com
- Link to NephroTube social media accounts: https://nephrotube.blogspot.com/p/join-nephrotube-on-social-media.html
These simplified slides by Dr. Sidra Arshad present an overview of the non-respiratory functions of the respiratory tract.
Learning objectives:
1. Enlist the non-respiratory functions of the respiratory tract
2. Briefly explain how these functions are carried out
3. Discuss the significance of dead space
4. Differentiate between minute ventilation and alveolar ventilation
5. Describe the cough and sneeze reflexes
Study Resources:
1. Chapter 39, Guyton and Hall Textbook of Medical Physiology, 14th edition
2. Chapter 34, Ganong’s Review of Medical Physiology, 26th edition
3. Chapter 17, Human Physiology by Lauralee Sherwood, 9th edition
4. Non-respiratory functions of the lungs https://academic.oup.com/bjaed/article/13/3/98/278874
NVBDCP.pptx Nation vector borne disease control programSapna Thakur
NVBDCP was launched in 2003-2004 . Vector-Borne Disease: Disease that results from an infection transmitted to humans and other animals by blood-feeding arthropods, such as mosquitoes, ticks, and fleas. Examples of vector-borne diseases include Dengue fever, West Nile Virus, Lyme disease, and malaria.
Couples presenting to the infertility clinic- Do they really have infertility...Sujoy Dasgupta
Dr Sujoy Dasgupta presented the study on "Couples presenting to the infertility clinic- Do they really have infertility? – The unexplored stories of non-consummation" in the 13th Congress of the Asia Pacific Initiative on Reproduction (ASPIRE 2024) at Manila on 24 May, 2024.
Prix Galien International 2024 Forum ProgramLevi Shapiro
June 20, 2024, Prix Galien International and Jerusalem Ethics Forum in ROME. Detailed agenda including panels:
- ADVANCES IN CARDIOLOGY: A NEW PARADIGM IS COMING
- WOMEN’S HEALTH: FERTILITY PRESERVATION
- WHAT’S NEW IN THE TREATMENT OF INFECTIOUS,
ONCOLOGICAL AND INFLAMMATORY SKIN DISEASES?
- ARTIFICIAL INTELLIGENCE AND ETHICS
- GENE THERAPY
- BEYOND BORDERS: GLOBAL INITIATIVES FOR DEMOCRATIZING LIFE SCIENCE TECHNOLOGIES AND PROMOTING ACCESS TO HEALTHCARE
- ETHICAL CHALLENGES IN LIFE SCIENCES
- Prix Galien International Awards Ceremony
Ethanol (CH3CH2OH), or beverage alcohol, is a two-carbon alcohol
that is rapidly distributed in the body and brain. Ethanol alters many
neurochemical systems and has rewarding and addictive properties. It
is the oldest recreational drug and likely contributes to more morbidity,
mortality, and public health costs than all illicit drugs combined. The
5th edition of the Diagnostic and Statistical Manual of Mental Disorders
(DSM-5) integrates alcohol abuse and alcohol dependence into a single
disorder called alcohol use disorder (AUD), with mild, moderate,
and severe subclassifications (American Psychiatric Association, 2013).
In the DSM-5, all types of substance abuse and dependence have been
combined into a single substance use disorder (SUD) on a continuum
from mild to severe. A diagnosis of AUD requires that at least two of
the 11 DSM-5 behaviors be present within a 12-month period (mild
AUD: 2–3 criteria; moderate AUD: 4–5 criteria; severe AUD: 6–11 criteria).
The four main behavioral effects of AUD are impaired control over
drinking, negative social consequences, risky use, and altered physiological
effects (tolerance, withdrawal). This chapter presents an overview
of the prevalence and harmful consequences of AUD in the U.S.,
the systemic nature of the disease, neurocircuitry and stages of AUD,
comorbidities, fetal alcohol spectrum disorders, genetic risk factors, and
pharmacotherapies for AUD.
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1. Understanding the cost of Aged Care
Your guide to Home Care Packages,
Respite and Aged Care
2. Contents
Aged Care: what you need to know .......................................................................................3
Accessing Aged Care ........................................................................................................................................5
Care at Home (Home Care Packages) ..................................................................................6
Residential Aged Care fees and charges ............................................................................7
What is a RAD and a DAP, and how do they work? .........................................8
What are daily fees and means-tested care fees? ...............................................9
What if I can’t afford to pay an
accommodation payment? .................................................................................................................11
Can I gift my money/assets? ............................................................................................................12
Will I have to sell my house? ........................................................................... 13
Will my pension entitlement change? ...............................................................................13
Do I need advice? ............................................................................................................................................... 14
Disclaimer
This advice is of general nature only and is based on current laws and their interpretation.
The application of the information in this document will depend on the individual’s
circumstances. Before making any investment decisions, we recommend you consult
a financial adviser to take into account your particular investment objectives, financial
situation and individual needs.
3. 3
Aged Care:
what you need to know
Aged Care choices are complex.
Making the wrong decisions can come at a high price both
emotionally and financially.
Whether you are considering aged care for yourself, a parent,
partner or loved one the decisions you face can seem
overwhelming. This booklet is designed to provide you with
answers to the most commonly asked questions and point you in
the direction of some valuable resources to help you avoid some
of the potential pitfalls.
Some of the important financial decisions people are faced with
are often highly emotional too, for example whether to keep or
sell the family home. In deciding what is the right choice you
need to consider a range of factors that include; the ability to
access the care you want, whether or not care will be affordable,
the impact on pension entitlement, different aged care costs,
potential tax consequences and the effect on estate planning.
As you will see, financial arrangements vary widely and need
to be considered in light of your own financial circumstances.
There is no substitute for quality financial advice from an Aged
Care Guru™.
5. 5
Accessing Aged Care
Prior to accessing most aged care services you will require an
assessment of you care needs.
The team of people responsible for this are known as the ACAT
(Aged Care Assessment Team). The ACAT are made up of doctors,
nurses, social workers and therapists, determine the care services
that you are eligible to receive and provide this to you in writing.
You should keep this record in a safe place as you will need it to
access Home Care Packages (HCP’s), respite as well as permanent
entry to an aged care facility.
The ACAT assessment is free of charge and can be carried out in
your own home or at the ACAT offices.
Many people are referred to ACAT by their doctor but you are free
to make contact with ACAT yourself.
Rest assured the ACAT interview process is a relatively easy one
and the team’s objective is to help you. Be aware that in some
cases you could be waiting several weeks to get an appointment
for the assessment to be carried out so it’s best to book in
advance.
MyAgedCare can put you in contact with your local ACAT. You
can call them on 1800 200 422 or visit www.myagedcare.gov.au
for more information.
6. 6
Care at Home
(Home Care Packages)
There are a range of services you can receive to assist you to stay
at home. These services may be provided through private carers,
Commonwealth Home Support Programme (CHSP), a Home
Care Package (HCP) or a combination. The costs for private
carers and CHSP services vary so you should speak to the service
provider before you start receiving their services. To be eligible
to receive a Home Care Package you will need to have an ACAT
assessment.
Your ability to contribute towards the cost of a Home Care
Package will be assessed by the government based on your
and (if applicable) your partner’s, income. Assessable income
is determined in accordance with Centrelink income tests
and also includes your pension entitlement. If your assessable
income exceeds the threshold you will need to contribute
towards your home care package at the rate of 50¢ per dollar
above the threshold.
Full pensioners will not be liable for an income-tested care fee,
part pensioners will contribute up to $5,188 p.a. while self-funded
retirees will contribute up to $10,376 p.a.
A lifetime limit* of $62,256 applies to the income-tested care fee
and the means-tested care fee (if you subsequently move to an
aged care facility).
All Home Care Package recipients will pay the basic contribution,
calculated at 17.5% of the pension — currently $9.93 p.d.
*Annual and lifetime limits are indexed. Figures correct as at 20 March 2016.
7. 7
Residential Aged Care fees
and charges
+
RAD (lump
sum)
Covers
the cost of
accommodation
DAP (daily
charge)
or
part RAD &
part DAP
or
DAP
deducted
from a RAD
or
Basic daily
fee
Covers daily
living costs
such as meals,
heating/cooling,
laundry
+
Means-
tested
care fee
Contributes
to the cost
of care
+
Extra
service or
additional
service fee
Covers
“extras” such
as wine and
hairdressing
It is important to understand the different financial arrangements in light of your
own personal circumstances to determine whether or not care is affordable.
8. 8
What is a RAD and a DAP, and
how do they work?
You can choose to pay for your cost of accommodation through
a lump sum (known as a Refundable Accommodation Deposit or
RAD), a daily charge (known as a Daily Accommodation Payment
or a DAP) or a combination of the two.
Accommodation payments are subject to a market price
and aged care facilities need to publish the price of their
accommodation payments on their website, the MyAgedCare
website and in their brochures.
Market price RAD’s in excess of $550,000 need to be approved by
the Aged Care Pricing Commissioner.
The Daily Accommodation Payment is calculated on any amount
of unpaid Refundable Accommodation Deposit at a government
set interest rate. As at 1 April 2016 the rate was 6.28% p.a.
Any amount of RAD you pay will be an exempt asset for the
calculation of your pension entitlement. However, your RAD will
be included in the calculation of assets for your means-tested
care fee.
A RAD is guaranteed by the government and will generally be
refunded to you or your estate shortly after you leave.
9. 9
What are daily fees and
means-tested care fees?
The Basic Daily Fee, set at 85% of the Age Pension, is paid by all
residents of an aged care facility, including those on respite.
You will be assessed by the government based on your assets
and income to determine your capacity to pay beyond the Basic
Daily Care Fee, known as the means-tested care fee.
The formula that is applied is:
50¢ per dollar of income above $25,659 p.a. (single),
$25,191 p.a. each (couple) plus
17.5% of value of assets between $46,500–$159,423 plus
1% of value of assets between $159,423–$385,270 plus
2% of assets above $385,270 minus
the maximum accommodation supplement
(currently $54.29 per day).
*Figures correct as at 20 March 2016.
Income is assessed under the same rules that Centrelink applies
for pension entitlement. Assets, both within Australia and
overseas, are assessed at market value. If you are a member of a
couple your income and assets will be assessed on a 50/50 basis.
10. 10
Your former home will be assessed up to the capped value of
$159,423* unless a protected person is living there, in which case
it is exempt from the assessment.
A protected person is:
– A spouse or dependent child
– A carer, who is eligible to receive an Australian Income Support
Payment, who has been living there for at least two years
– A close relative, who is eligible to receive an Australian Income
Support Payment, who has been living there for at least five
years.
Your means-tested care fee cannot exceed your cost of care and
is capped at $25,940* annually. There is also a lifetime limit across
all forms of care of $62,256*.
*Figures correct as at 20 March 2016.
11. 11
What if I can’t afford to pay an
accommodation payment?
A common misconception about moving into an aged care
facility is “If I don’t have any money, I won’t get in!”. In reality,
most aged care facilities need to keep a ratio of people who
are financially disadvantaged to receive funding from the
government.
Known as low-means residents people with assets and
income below the asset and income thresholds don’t pay an
accommodation payment. People with assets and/or income
above the threshold/s but with a calculated amount below the
maximum accommodation supplement (currently $54.29* p.d.)
pay a calculated amount.
Low-means residents can choose to pay towards the cost
of their accommodation by daily charge, known as a Daily
Accommodation Contribution (DAC) or by Lump Sum, known
as a Refundable Accommodation Contribution (RAC) or by a
combination of the two.
*Figure correct as at 20 March 2016.
12. 12
Can I gift my money/assets?
The simple answer is yes, but be aware of the consequences.
The rules around gifting for aged care are in line with pension
rules around gifting (deprived assets). Any gift you make in excess
of $10,000 in a financial year and $30,000 in the five years prior
to entering aged care will be assessed as an asset and deemed to
earn income.
This assessment will impact on the calculation of:
– Your pension entitlement
– Determining if you are eligible to be a low-means resident
– The amount of accommodation payment you can be asked
to pay
– The amount of means-tested care fee you will be charged.
13. 13
Will I have to sell my house?
While this may be the right decision it is important to
understand the special rules that can apply.
The value of your house will be exempt from the calculation of
your pension entitlement for two years from the date you or your
partner move out.
If you choose to keep and rent your house and meet some of
your accommodation cost by daily payment (DAP or DAC) then
the asset value of the house can remain exempt beyond the
two year period and the income (rent) will be exempt from the
calculation of your pension under the income test.
For aged care purposes the house has an assessed value up to
$159,423 unless a protected person is living there. Any rent (net)
will be included as income for calculating the means-tested
care fee*.
* Residents who entered care prior to 1 January 2016 can have the rent exempt from the
calculation of their means-tested care fee.
It is important to be aware that:
– The income (rent) is assessable for taxation purposes
– The rent charged does not need to be at market rates
– The future sale of the house may be assessed for
Capital Gains Tax.
14. 14
Will my pension entitlement
change?
If you receive a means-tested pension then the decisions you
make about funding your cost of aged care can affect your
pension entitlement.
The amount you pay as an accommodation payment is exempt
from the calculation of pension under the asset and income tests.
If you are a couple, and one (or both of you) live in aged care,
you may qualify to receive a higher rate of pension on the basis
that you are an ‘illness separated couple’. In some cases, people
who are not eligible to receive a pension qualify after funding the
move to aged care.
There are planned changes to the calculation of many
government pensions in 2017, increasing the amount of assets
someone can have while at the same time increasing the pension
reduction if their assets exceed the threshold. It is important to
understand the impacts on your pension entitlement pre and
post the pension reforms.
15. 15
Do I need advice?
The simple answer is Yes. It is important that you seek advice
about your individual circumstances.
This booklet gives you some useful information to help you better
understand aged care costs. The decisions you make about how
to fund aged care can have wide ranging effects, including on:
– your pension entitlement
– the cost of care
– your ability to afford care in the longer term
– the amount of money left to your estate.
Financial arrangements can vary within a facility and from one
facility to the next. One financial arrangement may be better
suited to you and your financial objectives than another.
We can help you understand your cost of aged care by:
– identifying the fees and charges that will apply to you
– evaluating the affordability of aged care in the short and long
term
– calculating your pension entitlement and other benefits
– discussing the options for meeting your aged care costs
– providing you with a comprehensive analysis of your options
so that you can make informed choices.
To find out more about aged care, or to make an appointment
please call.
16. How to contact us
To talk over the best way forward, call us today
02 8525 3700
or email
agedcare@pinndeavin.com.au
or visit our website
www.pinndeavin.com.au
Additional information
For access to online retirement and aged care directories, the
latest Department of Social Services Fees and Charges and other
useful resources log on to:
www.agedcarewhocares.com.au
Pinn Deavin Securities (ABN 15 003 377 964) is the holder of an Australian Financial Services
License (AFSL number 246925). Established in 1988, Pinn Deavin Securities is committed to
providing quality personal service. We are large enough to have the resources required but
small enough to provide a personal service.
Disclaimer
This advice is of general nature only and is based on current laws and their interpretation.
The application of the information in this document will depend on the individual’s
circumstances. Before making any investment decisions, we recommend you consult
a financial adviser to take into account your particular investment objectives, financial
situation and individual needs. This information is not advice and should not be acted upon
without independent and specific advice taking into account the individuals specific needs
and circumstances.
Aged Care Gurus
Part of the Aged Care Gurus Adviser Network