Financial matters you should know about:

1. What is a Basic Daily Care fee?

The Basic daily care fee covers part of the cost associated with general living expenses such as meals, laundry and nursing care. The amount you pay varies depending on whether you receive a Centrelink / DVA means tested pension. The amount you pay may also vary if you pay an accommodation bond over a certain limit.

2. What is an Income Tested fee?

In addition to the Basic Daily Care fee, you may also have to pay an income tested daily fee to the facility where you are being cared for. An income tested fee would generally only be payable if you are a part-pensioner or a non-pensioner. The amount you are required to pay is based on you and your partner's income. This fee may be affected by any money or assets you have gifted within the last five years.

3. What is an Accommodation Charge / Bond?

The Accommodation Charge / Bond you pay is based on the level of care you require and the value of your assets at the time you enter an age care facility. If you need high level care generally an accommodation charge is payable. If you need low level care or are going into a facility which provides extra service, generally an accommodation bond is payable.

4. Keep the family home or rent it out?

There is no definitive answer to this question. For some it may be appropriate to sell and for others is may be appropriate to maintain the home and rent it out. No matter what you decide, there are a number of factors to consider and it would be prudent to obtain personalised advice regarding this topic.