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Your email address will not be published.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

Top 5 Symptoms of Osteoarthritis – How to Help Those Creaking Joints.

The main reason patients complain about their joints is because they are in pain. Common joints affected by osteoarthritis (wear and tear) are the knees, hips, shoulders and hands. Symptoms can range from: Joint stiffness, especially in the morning or from rising up from sitting Joint swelling or deformity Cracking or crunching in the joint... Read More

Let There Be Heroes – and Let a Representative Proportion of Them Be Old

It’s no secret that I’m a dyed-in-the-wool movie junky. So much so that I sit through the whole of the Oscar ceremony each year, however high or low its standard goes. This year, I’m happy to report, it was quite successfully reaching for the stars. And for me, the best part of how it did... Read More

What is the Cause of Frequent Falls in the Elderly?

Falls are a very serious concern for older people. While most younger people can recover from a trip or fall quite quickly, the same cannot always be said for older people. There are various factors which can put people at increased risk of experiencing a fall, such as health conditions and medications. In fact, falls... Read More
Advertisement