Income & Asset Assessment?

The Commonwealth uses the 'Income & Asset Assessment' to determine various fees & charges payable by residents in aged care.

  • the assessment is conducted by Centrelink and the Commonwealth

  • it is designed to establish the level of assets owned by residents and income earned from all sources, including the aged pension

  • residents do not have to apply for an Income & Asset Assessment, or provide it to a home prior to, or on admission.

Income & Asset Assessment not provided

  • if a resident/family decides not to apply for an Assessment:

    • the Commonwealth will automatically determine that the resident is liable to pay the highest Means Tested Care Fee

    • the home will be entitled to charge a Refundable Accommodation Deposit [RAD], or a Daily Accommodation Payment [DAP]

    • until the Commonwealth has written to the home advising the rate of the Means Tested Care Fee, the home is entitled to use a Fee Calculator [their own, or on the myagedcare website] to determine the rate per day to be charged

Completed Income & Asset Assessment

  • the completed Income & Asset Assessment is used by the Commonwealth to determine:

    • the rate of Means Tested Care Fee payable [if any]

    • the amount of assets available for payment of a RAD

    • qualification for financial support towards the cost of accommodation in residential aged care.

  • if the Income & Asset Assessment determines that a person is of 'low means' [formerly fully of partial supported], the cost of accommodation is paid by the Commonwealth, either fully or in part.

Low Means

  • a prospective resident who's sole income is the aged pension and who has no other assets and/or income, will usually qualify for the cost of accommodation to be paid by the Commonwealth

  • therefore, only the Daily Basic Care Fee of [currently] $50.66 is payable from the pension income

  • however, a prospective resident who receives a full or part-pension, but also has minimal assets, a contribution towards accommodation & care may still be required in terms of a Refundable Accommodation Contribution [RAC] and a Daily Accommodation Contribution [RAC]

  • the Commonwealth will advise the resident/family and the home of the rates.

  • It is strongly recommended that prospective residents and their families, who may fall into these categories, seek advice & assistance from the staff at myagedcare website, or Centrelink