Mum moved into Aged care is selling home so

Selling home will give her around $1m with 9 month settlement. This means she would lose pension so how does she pay for her care. Currently she has paid 2/3 of refundable bond. Govt take 85% pension and she pays daily fee at the moment.

what happens when she is illegible for pension upon settlement of home? 

Thanks

Bella

 

3 comments

 

Bella

She will have to pay for her care out of the $1 million dollars, the same as other seniors who are not entitled to a pension.

Find out how much she will get if she puts it into an income stream.

True Suze.  My late mother did this.   The amount taken for the various rooms depends on the wealth of the person wishing to purchase that space in a Care Organization.

Depending on what the residence fetched on settlement, [for example if there is a mortgate to be paid out of the monies paid].  Some people may have $20,000 in the bank, some may have $55,000, some $300,000, some may have $1.2m in the bank.  Non of them pay the same amount in Mums day for exactly the same room. The Gross assets are taken into consideration in mums time, I guess it is the same now???

Some people pay nothing, the Government requires these Aged CARE firms to set aside a percentage of rooms for those that cannot afford anything, or contribute anything.    

Most of the Pension was eaten up in the Board and Medications that patients needed.

Thanks...it will work itself out in the wash. What is, is. If you have it, you pay it. That's fair. 

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