I care for both my parents in their 90s both declining rapidly. We co own our home 50% each would I have to sell before they can go into a home?
Hi jacqui22I have spoken to Rob Craven at Affinity Financial Advice about your question. The guiding factor as to whether your home is included in the assets assessment will be your level of wealth ie if you and/or your parents receive a government support payment.Full pensioners are largely exempt from aged care costs.Your home is generally included in your assets unless a carer in receipt of an Australian Government income support payment, for at least two years lives in the home or a close relative who is eligible for income support has been living there for 5 years.A dependendant child or spouse living in the home also excludes the home being included as an asset.If you dont wish to sell the home but are being asked by the nursing home to pay a refundable accommodation payment your aged care provider may allow you to make a periodic payment.If your home has not been sold prior to moving into a nursing home, you will be exempt form the age pension assets test for two years.If none of these exemptionsly to your situation you could also apply to have the home excluded as an unrealisable asset under the financial hardship provisions given that it is also your place of residence.I hope this helps, however if you still require assistance you may wish to contact Robert Craven or Kate Golder at Affinity Aged Care Financial Services for further advice.RegardsJill
Hi jacqui22Your question is a curly one and doesn’t have a straightforward answer - more detail is required for your situation. For instance is your jointly owned home valued at $600,000 or more in which case your parents 50% would rate them as homeowners impacting the means testing. The implications of your personal involvement will also be measured on whether you are receiving income support such as an aged or disability pension or a New Start allowance.We have sought the advice of Rob Craven, an expert aged care financial advisor with Affinity and will return to you in a couple