Before beginning care at Scalabrini or any other aged care home, you’ll need to complete an assets and income assessment. This test allows the Department of Human Services to determine whether you are eligible for financial assistance for aged care accommodation. It also determines whether you need to pay a means-tested care fee.
How to apply for income and assets assessment
You’ll need to contact the Department of Human Services (DHS) for an ‘Aged care fees income assessment form to begin your income and assets test. You can request the form:
- By visiting your local Centrelink office
- By calling Human Services on 1800 227 475 or the Department of Veteran’s Affairs on 133 254 and requesting the form in the post
If you’re currently receiving an Australian pension, the government will already have some of your information and you’ll only need to complete some parts of the form. If you are not paid a pension, you’ll have to complete the entire form.
Information you’ll need
The income and assets assessment tests a range of factors to determine your overall financial situation. In aged care, income is captured under a much wider net than regular taxable income and is not considered to be the same.
When undergoing the income and assets test, you will be assessed on:
- Assets such as bank accounts, bonds, shares, cash and gold
- Income support payments, including those received from overseas (pension, disability payments etc.)
- Deemed income from investments
- Net income from rental properties and businesses
- Income stream products such as annuities
- Family trust distributions or dividends from private company shares
- Deemed income from excess gifting
Investments that do not earn income are also assessed, such as:
- Holiday homes or other real estate
- Life insurance policies
- Cars, boats, motorcycles and caravans
- Your home and contents
For more detail on exactly what’s assessed during the income and assets test, visit the My Aged Care website.
Reducing aged care fees with the income and asset assessment
You need to complete an income and assets assessment to be eligible for any accommodation subsidies from the Australian Government. Financial support for aged care costs is something most older Australians will find themselves eligible for. There is no real downside to completing the test – the time it takes to complete the assessment is well worth the money saved.
Feel free to call us at Scalabrini for more information about the Assets and Income Assessment.