From 1 July 2014 the government’s Aged Care Reforms came into play, meaning some substantial changes for seniors with higher incomes and assets entering aged care.
Our aging population have worked hard to secure their future and ensure a high level of affordable care when the time comes. If you enter an Extra Services facility you had to pay a daily care fee of $46.50, an extra service fee set by the facility that can range anywhere from $25-125 per day, at the facility’s discretion.
From 1 July 2014 a bond will be required to be paid for all levels of care because there will no longer be a distinction between high and low levels of care. These bonds can range in price between $250,000 to over $1,000,000.
Previously, an income test fee was applied to residents in care and measured their income alone. But from 1 July, a means-tested care fee will apply, which also takes into account assets such as your home – unless a spouse or carer remains living there – as well as the bond you pay into the care facility.
For example, a person with a total assessable income of $65,000 per annum and assets of approximately $1,300,000 could be asked to pay a means-tested care fee of around $167 per day. This payment would be in addition to the daily care fee, extra services fee and the agreed bond. If no bond is paid, then interest that is currently measured at 6.63% per annum will be applied to the amount of unpaid bond.
Group Homes Australia is a privately owned organisation that can help you pay your care and accommodation fees with a variety of options. A lump sum of $250,000 and upwards can be paid against the accommodation fee with a choice to defer up to $90 per day to accrue and be deducted from the lump sum prior to refund, thus assisting with cash flow. A care fee is also charged, depending on your assessed level of care. No extra service fee is charged because all the services are included. There is no means-tested care fee because Group Homes Australia does not receive any government funding.
Group Homes Australia can be an affordable option if you or a family member needs some additional care and support in a home-like environment.
About Group Homes Australia
Group Homes Australia (GHA) is an affordable choice for older Australians, those living with dementia and others with assisted living needs. GHA provides a safe, comfortable environment with six to ten people living in each home, with 24-hour care. We focus on people’s abilities, not their disabilities.
The GHA model of care enables us to celebrate our residents’ individuality. The staff at GHA encourage residents to be involved in day-to-day tasks such as cooking, gardening and shopping, no matter what their care needs are.
Our promise is this: “We will walk the journey with each person, each day, from beginning to end.”
Visit our site for more details: http://www.grouphomes.com.au
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