This is one of the common questions when people come to me for aged care financial advice. The answer is: if you receive a means-tested pension then the decisions you make about funding your aged care can affect your pension entitlement.
The accommodation payment component of the aged care costs is exempt from the calculation of pension under the asset and income tests. You can view these on the government website here.
If you are a couple, and one (or both of you) live in aged care, you could qualify to receive a higher rate of pension on the basis that you are an ‘illness separated couple’. Often, people who are not eligible to receive a pension qualify after funding the move to aged care.
Getting these payments right can make a big difference to your overall financial position. As aged care specialists who regularly deal with Centrelink, we will work tirelessly to ensure you are receiving the maximum you are entitled to. By obtaining professional aged care financial advice, you will be presented with all your options. This means you can make an informed choice about the financial implications involved with a move to aged care.
You can read our booklet on aged care here.
Contact Claudia and her team to find out just how easy accessing aged care financial advice really is.