The journey to residential aged care is often described as a linear process.
On 20 March 2023, the Age Pension for Australian residents was increased to the following amounts.
The Basic Daily Fee is paid by all permanent residents of an aged care facility.
For age pension purposes the family home is an exempt asset. The family home is not counted under the assets test or the income test when calculating the rate of age pension payable.
The family home is treated differently for aged care fee calculations. Part of the cost of aged care is a means tested care fee. The means tested care fee is based on a resident’s assets and income.
We all expect to make our own decisions, pay our bills and look after ourselves for our lifetimes. We all expect to continue to have ‘decision-making capacity’. However, you may suddenly and unexpectedly lose the ability to make your own decisions.
My Mother made it very clear to me that when “the time comes” she wants to be tucked up in bed with a cup of tea and die in her own home. Unfortunately, due to her dementia and other health factors this was not possible.
My Mother made it very clear to me that when “the time comes” she wants to be tucked up in bed with a cup of tea and die in her own home. Unfortunately, due to her dementia and other health factors this was not possible.
For all four stages of life if it critical to ensure that you have a Will, Enduring Power of Attorney (EPOA) and Advance Care Directive in place as a bare minimum.