Cheatsheet for the Income and Asset Assessment in Residential Aged Care

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].

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