Can Aged Care Impact my Centrelink or DVA?

  • Yes, moving into an aged care facility can have an impact on a family member's Centrelink or Department of Veteran Affairs (DVA) entitlements.
  • You need to understand the impact of selling or retaining the family home – this does require specialist financial advice as all scenarios need to be reviewed prior to making this important decision.
  •  $$$$$$ Thousands of dollars can be lost or gained.
  • Did you know that the rules have changed for the former home in regards to the Centrelink's assets test and rental income.
  • How does it compare to sell or rent the home?.
The Maze of Centrelink/DVA Paperwork!
Haven't got time standing in queues for hours or waiting on the phone? Confused on what forms you should fill in and what information is required?
We have a "Centrelink/DVA Assistance Service", which can assist you with your Centrelink/DVA applications, assets and income forms!

Call PrimeCare Financial Planning today for specialist Aged Care advice, on (03) 9006 1736

 
Should I sell or keep the family home? 

To keep or sell the family home is a very personal decision and sometimes the best financial outcome may not suit the family - so you should not feel pressurised to keep or sell the home.
 
If you do decide to keep the family home, then the amount you need to borrow for the room has to be considered. Lump sum RAD's (bonds) are usually hundreds of thousands of dollars, so the compounding interest can be significant over just a couple of years. Often the family home is in disrepair and may not be rentable without spending a lot of money. Some family members may also have had bad experiences with tenants and do not wish to worry about a rental property. If these are concerning issues, then sale of the home may just be the best for the family.
 
Prior to making such a large financial transaction such as selling the family home, you should know the implication on your Centrelink/DVA payments and the means tested care fee. If you do sell the family home. You should also read our section on tips and traps of aged care regarding bond (RAD) negotiation.

PrimeCare Financial Planning will ensure that you do not make a costly financial mistake, which can have significant implications on the longevity of your loved ones capital.