Hi, we have just had to place both my grandparents in aged care and it has been THE most stressful thing I have ever been through! The family home has not been used as an asset for my Grandfather as my grandmother was still in the home when we placed him, now that my grandmother is being placed in care too we are concerned about home and finances. I have been their live in carer for over 20 years. I live in the family home with my husband and 6 children, I was recently told at centrelink that I am am/was eligible for the an income support payment which will allow us to stay in the home. My question is, Does the Nursing home still ask for the Bond money from grandmother even though we have been told we can stay in the home. They have no other assets.
Thankyou for your time

Hi there,
Robert Craven from Affinity Aged Care Financial services has responded to your question below:
For the home to be exempt from the aged care tests under the protected person exemption the granddaughter needs to have been living there as a carer for 2 years (or as a close relative for 5 years) and be eligible to receive an income support payment on the relevant date of her grandmothers entry to permanent residential care. Note; a carer allowance does not qualify as an income support payment. If the granddaughter was eligible to receive an income support payment, such as a disability support pension or an age pension on the relevant date, this exemption could apply.
If the home does not qualify as an exempt asset under the protected person exemption, it will be assessed at the capped value (currently $162,815.20). This means that her grandmother will not be assessed as a low means/concessional resident and will be required to pay the advertised acommodation Deposit or DAP - Daily Accommodation Payment, or a combination of the two.
For the age pension test, the home will be exempt for 2 years and will then be assessed at its market value from the 2nd anniversary of her grandmothers entry to permanent residential care.
Hope this helps.
Thanks the agedcare101 team

Hi there,
I have a similar question and just want a bit more details. I have been living with my gran for more than 5 years and in the last 2 years she has gotten Alzheimer’s and I have been looking after her more and more. In the last6 months, I have had to be home almost every day unless some other family member can be with her. I knew about the above clause, where a grandchild can stay in the home if in the home. However, if I am understanding correctly you have to get carer payments for this to come into effect? Is this correct? If so how long does one have to be on carer payments for this option to be in effect? I have only ever claimed carer allowance, not payment because basically, I can work from home with my business and so it was easier not to claim for carer payments. Does this mean our family would be ineligible for this option “relative eligible for an Centrelink income support payment”? Does that mean you have to already be claiming for it, to be eligible?

My gran is currently in transitional care and looks unlikely that she will be able to come home and not sure what happens to the home. Thanks in advance.

Thankyou very much

Hi Lisa,Don Swanborough from Affinity Aged Care Financial services has responded to your qustion below:A: You can be considered a protected resident if you have been living in the family home for more than the past 5 years and been your grandparents carer but this is providing you are a close relative eligible for an Centrelink income support payment. In this instance your grandmother is not required to pay a Residential Accommodation Deposit (RAD) as the bond is now called. This is providing your grandmother has assets less than $47,500 and income of less than $26,176.80 per annum. However if your grandmother receives an age pension she could lose it or have it reduced after two year in care as her family home will be fully assessed for Centrelink asset test purposes at that time. Aged care can be complex so I suggest you seek advice from a specialist aged care adviser. I hope that helpsRegardsJill

Hi Lisa,I have forwarded your question to our expert advisors at Affinity Aged Care Financial Services and hope to have an answer for you as soon as possible.RegardsJill