Pardon my ignorance but being new to the ‘system’ i am about to undergo an assets and income assessment test on behalf of my husband who, at age 62 is suffering from Early onset Alzheimer’s and with no means of support, apart from my income, is in need of permanent care. I have not applied for a 'Carer’s allowance as i work full-time and have been told that this will be counted as income. I have also been advised that there is no allowable tax deduction for either his care or medication? At this stage I am totally daunted by the whole process and most concerned that permanent care costs, including a bond etc, are going to be prohibitive. any advice will be appreciated!
Our expert adviser Robert Craven from Affinity Aged care financial Services has responded to your question below: Heather would be well advised to seek assistance from a specialist aged care financial adviser before she submits the assets and income assessment. As things stand, she is a protected person so their home will be excluded from the assets assessment. However, the Department of Human Services assess all their other assets and income, including her salary, on a 50%/50% basis. It may be advantageous to apply to be assessed as a couple who are living separate and apart. Members of a couple may be considered to be living separate and apart where one member of a couple has entered a nursing home (or other approved institution) to reside there on a permanent or indefinite basis due to a severe and debilitating illness, e.g. Huntington’s disease or advanced stages of Alzheimer’s disease. Unfortunately, if the home is owned in joihare would be assessed at the capped rate, currently $162,815.20 because the spouse would no longer qualify as a protected person. Consequently, this option may not necessarily provide a better outcome.
I hope this helps,