Aged Care Financial Planning Blog

What is the difference between respite and permanent aged care?

Respite care supports you and your carer by giving you both a break for a short period of time. It can give you and your carer the time and space to do things independently.  If approved, respite care is available for up to 63 days of care in a financial year. This includes both planned … Continue reading What is the difference between respite and permanent aged care?

Do we need to sign a Caveat or be a Guarantor to Aged Care Providers?

If you are entering aged care, the aged care provider may ask for your family member or legal personal representative (LPR) to sign a guarantee. This is completely normal and every provider has a slightly different policy around it. It is not compulsory for a guarantee to be provided, but if it is part of … Continue reading Do we need to sign a Caveat or be a Guarantor to Aged Care Providers?

When does the Aged Care facility have to pay the RAD or Bond back?

Aged Care Facilities and Nursing Homes are required to refund the balance of a resident’s Refundable Accommodation Deposit/Contribution or Accommodation Bond within set timeframes. If the resident is moving to another facility and they: • give more than 14 days’ notice, the provider must refund the RAC, RAD or Bond balance on the day the … Continue reading When does the Aged Care facility have to pay the RAD or Bond back?

Can I give or gift money to my family?

The simple answer is yes but be careful of the financial consequences. The rules around gifting for aged care are in line with pension rules around gifting (deprived assets). Any gift you make in excess of $10,000 in a financial year and $30,000 in the five years prior to entering aged care will be assessed … Continue reading Can I give or gift money to my family?