Aged Care and Retirement Living Torquay

Aged Care and Retirement Living: Frequently Asked Questions

Making the decision to move to Aged Care or a Retirement Community is a major life change and often a result of health, family, or financial issues. The range of options and different models available can be very confusing.

There are many decisions required, but having choices available is a positive. Quality of care, fee structure and finding a suitable facility are important considerations.

We (STS Accounting) have now been providing information and options for clients who are in the process of moving to either a Retirement Community or an Aged Care facility for 18 months.

Our STS Accounting specialist Rob Landale focuses on Retirement and Aged Care Living and has put together a list of frequently asked questions that often crop up whilst navigating through decisions about this next stage of life. If you know of anyone considering living arrangement for their next stage in life, we hope this information is useful to them.

Frequently Asked Questions:

Which is the most suitable aged care facility for my loved one?
That depends on an individual’s personal circumstances; for example religious preference, proximity to family, health and mobility status as well as financial situation.

The cost of aged care varies depending on the resident’s particular situation. How much you pay depends on which facility you choose and the type of help you need. There are usually additional services available on a user pays basis.

Will moving to aged care affect their age pension?

It depends. The assets and income test for aged care has different criteria than the age pension assets and income test. For example, consider the Refundable Accommodation Deposit (RAD) payable when a market payer moves to aged care. RAD is an assessable asset for age pension but not for aged care.

What is the Means Tested Care Fee (MCTF) and will I have to pay a MTCF?
The MCTF is payable by aged care residents who have assets and/or income above specified levels.   The amount of MCTF payable depends on the individuals particular level of assets and/or income, with wealthier persons paying a higher MCTF. However, MTCF’s are subject to annual and lifetime limits which means that when you have paid MCTF up to these limits you will not be liable for any further MCTF’s.

What is the Basic Daily Fee?
This fee is payable by all aged care residents and is equal to 75% of the age pension.

Do we pay for my room?
Residents may be liable to pay part or all of their accommodation cost depending on their level of assets and income.

Rob Landale specialises in retirement and aged care living and would love to help you navigate your options with your financial situation in mind.

E: rob@surftax.com.au 
P: Rob: 0429824324 or Winchelsea Office: (03) 5267 2673