Iris and George are a married. They have been married for 60 years.
Iris is 81 and George is 83.
George’s health is has been deteriorating for several years. Iris cannot manage looking after George any longer. Caring for George is now affecting Iris’s health.
It is suggested to Iris to call the ACAT team to assess George for Permanent Residential Age Care.
Iris makes an appointment to see Therese Jarrett from our Team. Iris is informed of the price of Age Residential Age Care in her area. The average price of a room in an Age Care Facility is $400,000.
George and Iris own their own home. It is worth $550,000.
Iris and George are on the Age Pension .
They have $100,000 in a Term Deposit and $50,000 in their working account. They have a share portfolio worth $45,000.
George total ongoing Age Care Fees will be $19,055.98.
This is broken down into Basic Daily Care Fee $17,611.25 per annum. $48.25 per day.
The Means Tested Fee will be $1,444.73 per annum . $3.96 per day.
George can pay these fees from Age Pension.
George and Iris have joint assets excluding the family home of $103,500. The assets will be divided in 2 and then each member of the couple have $46,500 each that is not counted for Age Care. So George will be asked to contribute $57,000 lump sum towards his room in the Age Care Facility.
If George chose to he could pay this by wat of DAP- Daily Accommodation Deposit. It is an interest only payment. The current interest rate is 6.01%
Any money paid by way of RAD will be refunded in full when George leaves the facility.