2.
Enter Aged Care Facility and Restructure your Finances
We recommend you enter an aged care facility of your choice so that you can access the level of care you require. There is a formal process that will guide you through the process to ensure you maximise your government contribution to your fees:
Work out the costs
Find an aged care home
Apply and accept offer
Enter into agreements
Manage Services
Age d Care Facility fees payable by you are dependent on a combined income and asset means test that is particular to aged care services. You must submit an assessment form to the Department of Human Services to receive government contribution to your fees, where eligible. The fees you pay may include:
Basic Daily fee (paid by all) Means tested fee Accommodation costs (lump sum and/or daily) Additional Service costs such as Pay TV.
We recommend that you restructure your assets to improve your assessment for fees and to ensure you maximise your cashflow to cover living costs and aged care fees. We recommend: <Edit as required>
You keep your family home / sell your family home / rent out your family home Make a gift of $10,000 to your adult children / grandchildren / family / friend Purchase an investment bond through a discretionary family trust structure to a value of $XXX Purchase a lifetime / fixed term annuity for $XXX. This will provide you with ongoing income of $X for <X> years / your lifetime. Purchase a funeral bond to the value of $14,000 Sell your term deposits / investments / cash accounts / shares.
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