The current system is complex and inequitable, and those most affected by aged care anomalies are often least able to understand the consequences.
Author Archive | Rachel Lane
Aged care measures announced in the Budget go only part of the way to improving the system. With a waiting list for Home Care packages exceeding 100,000, we need more effective change.
Home Care Packages have undergone significant reforms recently, and the waiting list for such packages is growing. Advisers and their clients need to keep abreast of what those changes mean for them.
Moving to a retirement village is a major event in an elderly person’s life. The contract should not be treated casually as the retirement village will impose conditions which the retiree and family should understand.
Changes to Home Care Packages effective 27 February 2017 allow care recipients to choose their own care providers and offer better portability when relocating.
With the new pension rules, the magic number is 7.8%. If a pensioner sells an asset to fund an improvement in the family home, the pension may increase $7,800 pa for every $100,000 over the assets test.
Residential aged care costs are difficult to understand at any time, but many aged care facilities are introducing new fees which make comparisons even more difficult as cost rise.
From 1 January 2016, the aged care means test changed to include the value of any rental income received on the former family home. This and other proposed changes will affect aged care users differently.
When choosing where to live in retirement, understanding the features and financial arrangements of each option is the best way to avoid those common regrets. But sort it out before making the move.
Under the current pension reforms, changes to the asset test taper, which are designed to reduce the entitlement of part-pensioners, will also hit ‘downsizers’ and people moving into aged care hard.
The primary objective of the aged care reforms starting on 1 July 2014 was to create a better system giving older people more choice, more control and easier access to aged care services. There are unintended consequences.
The final of our series on aged care in Australia covers aged care facilities. More than a third of men and half of women who reach 65 are expected at some point to live in aged care. Understanding the recent reforms is key.
Options for retirement living not only come in different shapes and sizes in a physical sense, but legally and financially too (which can affect government assistance). There are also varying degrees of care.
A granny flat is an ideal solution for many families with ageing parents who are not ready for the nursing home, but it’s not always simple. Little is known about the ‘Granny Flat Right’ and its financial and legal implications.
Important changes to aged care costs come into effect on 1 July 2014. They highlight the importance of having the financial flexibility to make the system work in your favour.