Aged Care
Is the RAD fully refundable?
Understanding the refund rules for RADs may remove some of the stress and worry with a move into residential care. Room prices in aged care are usually quoted as a lump sum. Often this is a big number, which can cause financial worry. But this is also one of the most...
Assessing the former home when moving to permanent residential care
Decisions regarding the family home can be complex. There are strict rules as to how the former home will be assessed when a person moves to permanent residential care. These rules are different depending on if the assessment is in relation to their aged care status...
Do I have to sell the house to pay for aged care?
Amongst the many decisions to make when someone you love needs to move into residential aged care lies the common question: Do we have to sell the house to pay for aged care fees? Families are often worried about the need to sell the home and ask about alternative...
Winner – ACS Aged Care Advice Program of the Year
We are delighted to announce that Alteris has been named winner of the Aged Care Steps Aged Care Advice Program of the Year The Aged Care Adviser of the Year Awards formed part of the broader 2022 campaign launched by Aged Care Steps which aimed to raise awareness of...
Do I need to pay the aged care accommodation cost in full?
In residential aged care you generally have the choice to pay the accommodation cost as a lump sum payment, a daily payment or a combination of the two. Where the choice is to pay the accommodation amount as a daily payment an interest rate, referred to as the maximum...
Aged care and the family home
Deciding what to do with the family home can create additional complexity to the already stressful time of moving into aged care. There are different rules when it comes to assessing the former home for aged care and social security purposes, which makes it even more...
Explainer: The Means Tested Care Fee
Explainer: The Means Tested Care Fee Residential aged care fees can vary enormously as they are based on the financial position of the person entering care. The Means Tested Care fee is one of the aged care fees charged, and this can vary from $0 to $265 per day*....
How Bruce got his balcony room
When spritely centenarian and Alteris Lifestyle and Care client Bruce needed to transition to permanent residential aged care, the one thing he wanted seemed out of reach. As a respite care resident, 100 year old Bruce loved his room and its east-facing veranda which...
When do we start the aged care conversation?
When should the discussion about aged care commence? At what age should you start thinking about your aged care needs? The answer is simple, any age is the right time. Whether you find yourself in the early stages of retirement or well into this life phase, initiating...
What happens when a parent needs to go into a nursing home?
Our clients often tell us that the decision to move a parent into residential care leaves them feeling overwhelmed with emotion and apprehension. While they know permanent residential care is the right step for their loved one, the financial considerations can...
How do gifts affect aged care fees and the age pension?
It isn’t uncommon for parents to want to help their children or other family members financially through a gift of cash. But did you know that providing a financial gift can affect your age pension and aged care costs? If this is something you are considering, it is...
Good budget news for aged care
The good news is that this year's Budget did not increase how much we pay for the aged care services that we access. But an additional $17.7 billion spend – which will be fully paid for by the Government - was aimed at increasing access and improving quality. With an...
Should we pay the accommodation amount as a RAD or a DAP?
It is common for our clients to ask us if they should pay the accommodation amount as a Refundable Accommodation Deposit (RAD) or Daily Accommodation Payment (DAP) when a loved one enters care. Often, the answer will depend on the resident’s financial assets, their...
What are RADs and DAPs when someone moves to a residential aged care facility?
When transitioning to residential care, an individual may be required to pay an accommodation cost known as a Refundable Accommodation Deposit (RAD), depending on their assessable assets and income. The RAD price is set by the aged care facility and can vary according...
Insights into aged care options
As we move through the various phases of retirement, our lifestyle and care needs will change as at some point we, or our loved ones, will need varying degrees of assistance. What type of government support is available as care needs change? What could be the costs...
How much does residential aged care cost?
When a loved one needs to go into care the family is often met with a range of costs. These can vary between aged care providers and are broken down into three broad areas. There are accommodation payments, living costs and additional services to be considered, and...
How does a jointly owned property affect aged care fees?
One of the first questions many families ask when a loved one is permanently moving to an aged care home is what to do with the family home. The decision is never purely a financial one, however knowing the financial impact is a key factor in helping to confidently...
Do we have to sell the home to fund aged care fees?
There are many decisions to make when someone you love needs to move into residential aged care. One of the most common questions our specialist Lifestyle and Care advisers are asked is: Should we sell the family home to fund the aged care fees? Families are often...
Unwrapping the joys and pitfalls of giving
Christmas is a time of giving, when thoughts turn to family and to helping those less fortunate. To gift in a meaningful way that maximises the benefits, it’s important to consider tax. While Australia doesn’t have a gift tax, there are tax considerations nonetheless...