A Current Affair on Thursday 15 November 2018 reported misleading information about how a person’s home is assessed when they need to enter aged care or a nursing home level of care.
The Department of Human Services manages the income and assets assessments for people seeking assistance from the Australian Government with their aged care costs.
The family home may be exempt from the assets assessment for people entering into aged care.
The home will not be counted if the partner and/or dependent children of the person entering aged care remain living there. Additionally, the home will not be counted if a carer or a close relative who is eligible to receive an Australian Government income support payment has been living there for two or five years respectively.
The home may start to count as an asset if the family members or carer moves out.
If we do need to count the family home as an asset, we apply a cap to the value of the home, meaning the full value is not assessed. As at 20 September 2018, either the Home Exemption Cap of $166,707.20 or the net market value – whichever is lower – is included in the assessment.
People may wish to use the Fee Estimator on My Aged Care to provide an indication of their likely contribution. However, in order to accurately understand any contribution payable and the financial implications of entering aged care, it is important to complete a means test assessment.
For more information, contact My Aged Care on 1800 200 422 or the Department of Human Services on 1800 227 475.