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Financial Planner: Aged Care & Annuity Specialist

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24.01.2022 Centrelink, Residential Aged Care & the Family Home If one member of a couple goes into residential aged care, then the home is not counted as an asset for Centrelink age pension purposes as long as the other member of the couple is still living in it. However, new rules from 1 January 2017 mean that if the member still living in the home then moves into residential care also, then the home is not counted as an asset for Centrelink age pension purposes for up to two years onl...y. (Otherwise known as the two year rule.) After two years, the full value of the home will be counted as an asset. For a single person going into residential aged care the two year rule also applies. With the average house price in Australia being around $550,000 at Oct 16, couples (both in care) or singles in receipt of a Centrelink age pension may find their age pension is reduced or cut completely after two years of being in residential aged care. For a single person, the maximum amount of assets they can have while still being in receipt of a Centrelink part pension is $546,250. Anything above this figure and their pension will stop. For a couple combined, the maximum amount of assets they can have while still being in receipt of a Centrelink part pension is $967,500. Anything above this figure and their pension will stop. (Current rates at 20 March 17.) In addition, if the family home is rented while a person is in residential aged care, then the net rental income is counted as income for Centrelink age pension purposes. (Centrelink do two tests. The assets test and the income test. Each test will give a separate calculation as to how much age pension a person receives. The test which gives the lower amount of pension is the test that applies.) The average stay for a person going into residential aged care is 2.4 years. However the government is trying to reduce this to two years by actively promoting home care. Consequently, the logic behind the two year rule makes sense. However, while the government is trying to reduce the stay for residents in aged care from 2.4 years to two years, we are not there yet. However the two year rule on the family home is. The other thing to remember is that we are dealing with averages. I know people in residential aged care who have been there for longer than five years. The government is tightening the rules across all areas inclusive of aged care in order to save money. While there is not much that can be done to avoid the two rule, my advice is to get advice. There are other ways to minimise the impact of such rules that seem to be increasing with time.

21.01.2022 Dementia to be experienced by Carers and Aged Care Professionals Churches of Christ Care has secured the Australian mainland rights to the Virtual Dementia Tour, which uses patented sensory tools and instruction based on research conducted by P.K. Beville, M.S., a specialist in geriatrics. Millions of participants have experienced the Virtual Dementia Tour (VDT), which has been successfully deployed in 20 countries.... United States based Ms Beville said the VDT is a scientifically proven method designed to increase sensitivity toward those with dementia. The Tour enables caregivers to experience for themselves the physical and mental challenges those with dementia face, and use the experience to provide better personcentred care, Ms Beville said. During a Virtual Dementia Tour experience, participants meet with certified trainers who guide them through the tour and outfit them with patented components that alter their senses. Tasks and exercises that are part of the tour enable careers and professionals to experience for themselves the physical and mental challenges facing those with dementia. According to Alzheimers Australia there are more than 413,106 Australians living with dementia, with approximately 244 new cases each day. Courtesy of Aged Care Online

21.01.2022 Hi All. Im trying to get the hang of facebook again. Mainly for business. So hope you like my business page. Cheers.

20.01.2022 See my recent editorial in Have a Go News. The Means Tested Care Fee in Residential Aged Care Explained. http://www.haveagonews.com.au/paper/02-2017/299digital.pdf... Page 51

18.01.2022 Centrelink & Gifting & the 2 Year Rule on the Family Home In my last post I mentioned that when a person goes into permanent residential aged care, that the family home (if left vacant or rented) is not counted as an asset for up to two years. After two years it is counted as an asset and in the majority of cases, the value of the home will ensure that a person will be over their maximum assets threshold for Centrelink age pension purposes and no longer be eligible for a Cent...Continue reading

17.01.2022 Robots In Aged Care Courtesy of Aged Care Online Brightwater has been awarded funding from the National Health & Medical Research Councils Cognitive Decline Partnership Centre to determine if the use of socialisation robots enhances the wellbeing of people living with dementia.... Affectionately called Alice, the Zorabot robot has been a member of the community at Brightwater for 12 months thanks to a donation from the organisations RM Harken Fund. CEO Jennifer Lawrence said that from the time Alice first came to life at Brightwater Madeley, residents across all sites have been captivated by her engaging and charismatic personality and the range of interactive activities Alice supports. From day one residents have loved engaging with Alice so this research is an important next step in understanding what impact she is having on older adults with cognitive and/or functional decline and how we can make the most of the opportunities she presents, said Ms Lawrence. The research will specifically investigate the impact of incorporating Alice into activities has on the target group and will explore staff attitudes to the use of Alice within a residential aged care setting.

16.01.2022 Centrelink Seminars Centrelink have asked me to be a speaker at a couple of their upcoming seminars. The seminar details are as follows: Understanding Retirement Income Streams:... 11 May 2017 6:30 pm to 8:30 pm Joondalup Reception Centre 102 Boas Avenue JOONDALUP WA 6027 Free Superannuation: 25 May 2017 6:30 pm to 8:30 pm Joondalup Reception Centre 102 Boas Avenue JOONDALUP WA 6027 Free If you would like to attend either or both of these seminars or know someone who may be interested, please call the Centrelink Financial Information Service booking line on 136 357. Please book 3 days prior to the seminar date to secure your seat. Tea and biscuits provided.

13.01.2022 To attend this event please RSVP by 28 September 2018 to: [email protected] or 0405 182 789. Places Limited.

12.01.2022 Aged Care Financial Planning Services https://youtu.be/s1-nRJwuxAw

10.01.2022 We all want the best for our parents in their final years. We want to make sure that they are comfortable, well fed and looked after. Unfortunately, the day to day pressures of everyday living may mean that the family unit is not always able to provide the level of support required to achieve the above. Hence, Residential Age Care may be become a more viable option. Accommodation deposits for residential age care are not cheap. Do you pay this upfront as one lump sum or make ...daily payments? Or do you do a combination of the two? Do you sell the family home or is it best to rent it out? How will you finance the ongoing daily care fees and how does this affect their Centrelink Age pension? These are questions I can help you with.

08.01.2022 Review of Residential Aged Care Accommodation Bonds The government is currently conducting a review of accommodation bonds for residential aged care. But how does the current system work? It is much like renting a house. You pay a lumpsum amount to the landlord as security of tenure. Assuming all is ok when you leave, the bond is paid back to you, less any deductions for repairs that may be required as as a result of your stay.... The difference is that residential aged care bonds are much more expensive. In Western Australia the average size of accommodation bonds is $368,000. A residential aged care facility is able to charge up to $550,000 for an accommodation bond. Anything above this and they must get government approval to do so. So the amount of the bond is mostly determined by competitive forces. Its proper name is actually called a Refundable Accommodation Deposit or RAD. As the name suggests it is refundable to the resident should they move out of the facility they are in or is paid to their estate when they die. Residential aged care facilities utilise these funds as a source of funding but the aged care legislation only permits them to make investments in defensive assets such as fixed term deposits, cash accounts, bonds etc. Should an aged care residential facility become insolvent, the RAD is 100% backed by the federal government. Currently, RAD's in residential facilities in Australia add up to around $20 billion. Since 1 July 2014 RAD's are able to be paid as a lumpsum, in installments or a combination of the two. A RAD is your right of entry into a residential aged care facility. However, much like renting a home, there is still ongoing payments (fees) that need to be paid; which is a separate topic altogether.

06.01.2022 Residents in Aged Care Cop it Again! From 1 January 2017: 1. Centrelink Indefinite exemption on family home ceases:... The impact of this is that the value of the family home will not be counted as an asset for Centrelink purposes for two years only (previously indefinite under certain circumstances). The effect of this is that any Centrelink Age Pension will decrease significantly after two years. 2. If the family home is rented to help pay for residential age care fees, rental income is now counted as income for Centrelink purposes. Previously not counted. The effect of this is that the Centrelink Age Pension will decrease. 3. Centrelink assets test thresholds decreasing. The effect of this is that the Centrelink Age Pension will decrease. The demographic currently going into residential age care received the least from our government during their working life in terms of welfare benefits and education subsidies and did not have the benefit of compulsory superannaution given that it did not exist at the time. At the end of their life they are now being asked to contribute a large portion of what they managed to save and reduce the little they do get from the government.

06.01.2022 Great Introductory Video on Home Care. The government is heavily promoting home care over the next few years. It makes sense to do so as most elderly people prefer staying in their own home if they can. And from the governments perspective, it saves them heaps of money. It costs the government around 50% less to provide home care services than residential aged care services. The current average life expectancy for someone in residential aged care is 2.4 years. However the gov...ernment is aiming to reduce this to 2 years by promoting home care so that people go into residential aged care later, rather than sooner. If you would like help in understanding how home care works, please feel free to give me a call. 0405 182 789 08 6102 0833 https://youtu.be/PQtsUgeLVWI

06.01.2022 Elder Abuse: Enduring Power or Attorney-Best Interest for Whom??? Given that we have an aging population that is living longer with a 30% chance of having dementia, the environment is ripe for elder abuse. Elder abuse is defined as:...Continue reading