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Age Pension and Aged Care

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There are numerous dependencies that will play into how much Age Pension you will receive from the government. These include whether you are single or partnered and even whether you receive any regular income from outside the country.

There are also various tests that are applied which relate to your income and assets. Whatever your circumstances, it’s always worth finding out your entitlement and we can assist you in doing just that.

Assessing Your Age Pension Eligibility

We can help you understand the hoops and hurdles you may have to negotiate in order to get your Age Pension eligibility accurately assessed. This includes the income test and the assets test that may apply to you.

Increasing Your Benefits

We’ll show you how you could maximise your government pension benefits. For example, utilising the correct asset ownership between partners or special investments that receive different treatments for means testing for Centrelink (and DVA) purposes, such as annuities or funeral bonds. This may entitle you to a higher rate of Age Pension or other kinds of benefits.

Filling in Your Age Pension Form & Centrelink Liaison

By understanding your current financial situation, we’ll ensure:

  • Your Age Pension claims form gets filled in accurately

  • The careful management of your Age Pension on your behalf through Centrelink

This is going to save you time and hassle and allow you to get on with enjoying life.

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Aged Care

It’s worth reflecting on what aged care might look like for you. Most of us want to live independently in our own homes for as long as we can. That might mean getting some extra support at first while facing the reality of moving into a care home one day.

The truth is that the older we get, the more of a financial burden we can become. State intervention can help but so can careful planning. Our team can offer expert advice on the ways you can prepare for life in your later years.

Getting Government Help

The Australian government can offer a range of subsidies for certain services like care at home or in a residential facility. Some involve means testing but there can be caps to consider too.

It’s crucial to have a clear picture of the costs you may have to pay and the contributions the government may make. We’ll help you understand:

  • The types of financial support available from the government and your eligibility
  • Care home costs: basic daily & means-tested care fees & accommodation costs

These are complex issues with ample room for misunderstandings. We’ll debunk any myths and give you the true picture of how subsidies work

Different Payment Options

We’ll need to examine your savings and assets carefully. Together, we can then come up with a payment plan that is a realistic match to your expectations for home and residential care.

Exemptions and Offsetable Tax

There may be Centrelink exemptions along with valuable ways to offset taxes that we can advise you about. For example, let’s say you were to move into an aged care facility and make a lump sum accommodation payment. It will be an exempt asset for Centrelink (and DVA) purposes. This may entitle you to a higher rate of Age Pension or other kinds of benefits.

Projecting Future Asset Values for Beneficiaries

There are likely to be a whole range of dependencies when you reach old age and become in need of extra support. All of these will play into your plan and you’re likely to have to make adjustments along the way as you get older.
We can talk you through the likely impact that a range of factors may have on your future care and any actions you may want to take as a result. Key points to consider include:

  • When Centrelink might value your home to assess mean-tested fees
  • What happens if a partner stays in the home when you’re in an aged care facility
  • The implications of renting out your home while you’re living in an aged care home

All these factors can have an impact on the future value of your assets for your intended beneficiaries. We’ll help you see the full likely picture by assembling all the factors that apply to you.

Modelling the Impact of Concessions on Your Home

Should you decide to sell or keep your home, there may be different concessions available to you that we can let you know about. We can also advise you about ways to unlock equity from your home even if you wish to continue living in it.

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