Judy Chooses Her Care
Judy is a part pensioner who is happy to stay at home and receive a home care package in combination with the support she receives from her family. Judy receives a Level 2 package, which provides $44.24 per day towards the cost of her care. Judy owns her home and has $280,000 in a combination of bank accounts and shares as well as a reversionary pensioin of $10,000 p.a. from her late husbands defined benefit superannuation plan.
Judy’s income tested care fee will be calculated as:
$15,172 per year (Superannuation pension income plus deemed income from investments) plus $21,084 per annum age pension entitlement (less supplements) equals assessable Home Care Package income of $36,256 per year. Less the income free area of $31,140 per year equals $5,116 income above the threshold.
Multiply the remainder by $.50 and divide by 365. Judy’s income tested care fee would be $7.01 per day.
The cost to Judy of the home care package is $11.50 basic daily fee plus $7.01 income tested care fee equals $18.51 a day or $6,756 per year.
|Basic Daily Fee||$4,198||p.a.||$11.50||per day|
|Income Tested Care Fee||$2,559||p.a.||$7.01||per day|
The total value of the care package Judy can receive is $55.74 per day ($44.24 plus $11.50), or $20,345 per year.
Steve Jenkosky trading as Golden Age Advisory is an Authorised Representative of Synchron AFS License No. 243313.
Unless specifically indicated, the information contained in this 'Case Study' is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek personal advice from a financial adviser.