Jul 03, 2017

Ch-Ch-Ch-Ch-Changes To Pension and Aged Care

You know that it’s that time of year again when the stocktake sale advertisements are dominating the television and radio airwaves, organisations are scrambling to get their financial affairs in order and fund managers are driving up share market prices in order to improve their 12 month returns. But the end of financial year, or EOFY as we now like to call it in this age of increasing acronyms, also presents new changes when it comes to financial assessments for people entering the aged care system for the first time.

Firstly the Asset Thresholds for age pension assessments will change as follows.

Richard Meaden 1

For the first time in 12 months there will also be changes in the Income Thresholds for age pension assessments and there are changes to the Deeming Thresholds but not the associated interest rates.

Richard Meaden 2

Deeming Rates

Richard Meaden 3

In relation to Aged Care the Maximum Permissible Interest Rate has fallen from 5.78% to 5.73%.

The Home and Residential Aged Care Income Thresholds to calculate the Means Tested Care Fee have risen by less than $100 but the asset thresholds remain the same.

The Means Tested Care Fee Annual and Lifetime Caps remain the same.

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement
Advertisement
Advertisement

13 Top Tips for Boosting Your Immune System This Flu Season

As our population age’s scientists have discovered that our immune system deteriorates. This is immunosenescence, where there is a loss of effectiveness in preventing disease and infection and is associated with an increased susceptibility to infections. Our immune system is the first line in defence against invaders such as bacteria, viruses, parasites and fungi. Therefore... Read More

“19 of the 44 standards are irrelevant”: An aged care owner’s perspective

A couple of weeks ago, we published an article titled ‘Is Six Minutes Long Enough for Aged Care Staff to get Residents Ready Each Morning?’ The article reached nearly 20,000 of our Facebook followers, and attracted nearly 200 comments and shares. One reader, Anton Hutchinson, whose family has proudly owned Canberra Aged Care Facility for over 30... Read More

What can be done to train better-quality aged care workers?

Part 2, click here to read part 1. Caring for the elderly, many working in the industry will agree, is a privilege. How we help these people (who have given so much to society) at the end of their lives, is one way we can show how we honour and respect them. Though often we would... Read More
Advertisement