The means tested care fee, is another fee which has income and asset implications. The principal home if assessed, has a component assessed as an asset for the means tested fee. The aged care means test and the aged care home ownership exemptions are different from Centrelink’s/DVA means test and home ownership exemptions. Be careful, the means tested care fee can change significantly when you sell the principal home.
New aged care residents including those in receipt of the Age Pension will need to complete and lodge the Residential Aged Care Assessment (SA457) or (SA485). The SA457 is 25 pages long! Even self-funded retirees should carefully evaluate the implications of filling this form in.
- As a self-funded retiree, do you know the financial thresholds where it is no longer relevant to complete this form?
- Do you know the payment thresholds of the annual and lifetime caps for the means tested care fee?
- If you do not receive Centrelink or DVA payment, you still need to advise the asset assessment team with Services Australia. The change in the means tested fee is activated quarterly. Lengthy delays to change the means tested care fee may create some angst. Dealing with Centrelink to transcribe any changes can be quite contentious – so be aware.
The Maze of Means Tested Care Fee Paperwork!
PrimeCare can help fill out all the forms and applications. Lodge your documents with Services Australia and/or Centrelink. We follow up to make sure you’re not getting overcharged on your fees and remove the stress when dealing with these matters.
Call PrimeCare Financial Planning today for specialist Aged Care advice, on 1300 853 875
