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. The family home or primary residence is counted at a capped amount for aged care fee calculation purposes. This amount is currently $206,039.20. However, if the property was sold, the full amount of funds would be counted in the asset test for the calculation of the means tested care fee.
If there is a ‘protected person’ living in the home, the primary residence would be exempt from age care fee calculations. A ‘protected person’ is a spouse or partner. A ‘protected person’ can also be a person caring for you who has occupied the home for at least two years, or a close relative, your sister, brother, child or grandchild or parent who has occupied the home for at least 5 years AND qualifies for an income support payment (a means tested payment) from Services Australia or Department of Veterans Affairs.
