if you have income below $28,048.80 and assets below $51,000, the Australian Government will pay your accommodation costs. if you have income above $70,775.12 or assets above $173,075.20, you will need to pay for the full cost of your accommodation, negotiated and agreed to with the aged care home.
Correspondingly, does the government pay for aged care?
Residential aged care
Depending on your income and assets, the government may pay some or all of the costs associated with your care. This can include subsidising all or part of your means-tested care fee, as well as all or part of your accommodation fee.
In respect to this, what is the asset threshold for residential care subsidy?
Income from assets when the income is under: $1,027 a year for single people. $2,054 a year for a couple when both have been assessed as needing care. $3,081 a year for a couple where one partner has been assessed as needing care.
Do I need to sell my home to go into aged care?
Keeping the former home is one strategy to minimise aged care fees as the majority of the value of the home (above $144,000) is not means tested. So you can see, you may not need to sell the family home to fund the aged care bond and fees after all!
How much money can you have before you have to pay for a care home?
Currently, if your capital is above £23,250 you‘re likely to have to pay your care fees in full. If your capital is under £23,250 you might get some help from the local council, but you may still need to contribute towards the fees.
Why is aged care so expensive?
Get used to high prices
The reforms allowed for bonds to be levied on all aged care residents at a “market price” and introduced assets to the means test for fees. “Aged care has become more expensive because of the changes,” says Combined Pensioners and Superannuants Association of NSW Senior Advisor, Charmaine Crowe.
Is aged care free in Australia?
You can receive short-term care in your home, an aged care home or in the community. You may have to pay a fee for each day you receive care. This fee is a percentage of the single person rate of the Age Pension. It’s higher if you receive the care in an aged care home.
Can you be forced to sell your house to pay for care?
You and/or any qualifying dependants who live in your home have the right to stay there indefinitely, and can‘t be forced to sell up to pay for your care. A qualifying dependant could be any of the following who also lives in your home: your spouse.