Aged care gets a boost with 23,000 additional home care packages. Great news for the 100,000 Australians on the waiting list for these packages.

Social Security and Aged Care

$250 economic support payments Two tax-free economic support payments will be paid to aged pensioners, veterans and eligible concession card holders – one payment in November 2020 and the other in early 2021.

Aged care support for older Australians

From 2020/21 the Government will provide 23,000 additional home care packages across all package levels.

$250 economic support payments.

Two tax-free economic support payments will be paid to aged pensioners, veterans and eligible concession card holders –
one payment in November 2020 and the other in early 2021.

Aged care support for older Australians

From 2020/21 the Government will provide 23,000 additional home care packages across all package level. This will reduce
the waiting time for the 100,000 older Australians waiting for their packages to be funded.
The Commonwealth Continuity of Support Programme will be replaced with a new ‘Disability Support for Older Australians’.
This will allow older disabled Australians who are ineligible for the ‘National Disability Insurance Scheme’ to receive
continued support.

What’s next?

Most changes must be legislated and passed through Parliament before they apply. If you think you may be impacted by some of the Budget’s proposed changes, you should consider seeking professional advice. A financial adviser can give you a clear understanding of where you stand and how you can manage your cash flow, super and investments in light of proposed changes.

For further information view the following link:
Federal Budget 2020 How retirees may be affected.

If any of these proposals raise questions, concerns or opportunities for you, please contact us.