If you receive a payment from Centrelink or Veterans’ Affairs you need to update your records every time your circumstances change. This includes when you move into aged care.
The amount you receive after moving into care may change. It may increase or decrease depending on your circumstances and how your income and assets change.
If you are a member of a couple you will still have combined income and assets assessed but you will both start to be paid at the higher single rate of pension.
If you keep your former home you may continue to be assessed as a homeowner for a period of time with your home remaining an exempt asset for Centrelink and Veterans’ Affairs.
If you structure the arrangements carefully you can even rent your home without the income affecting your age pension or your care fees.
If you sell your home, you will become a non-homeowner but the amount you pay to the facility as a refundable accommodation deposit (RAD) is exempt for Centrelink and Veterans’ Affairs, and may help to maximise your age pension. This amount is still assessable however when calculating your means-tested daily care fee.
We can help you structure your affairs to maximise your Centrelink and Veterans Affairs entitlements.