Assets

General
1

I would be grateful if you can clarify 3 things for me.
Is the Assets threshold for entering residential care as a fully funded person $47,500? We had been told $46,500 but perhaps it has increased recently?
Can we purchase a Funeral Bond to help my Father in law remain under that threshold? If so what is the highest amount a Funeral Bond can be ?
Can we also pre-pay a few months for accommodation to keep him under the threshold?

2

Thank you yes it is very helpful.

3

Hi there,

We asked Robert Craven from Affinity Aged Care Financial Services for some help with this one and he has come back with the following advice.
The fully supported asset threshold for residential care is now $47,500.
The funeral bond allowable limit is $12,750.
Can a resident pre-pay a few months accommodation to keep him/her under the limit? This would be at the discretion of the facility.

We hope this helps