Virtuous Aged Care Planning

Home care packages offer more comprehensive support than the Commonwealth Home Support Program (CHSP) and are designed for those who require care to remain in their homes. 

These packages provide a coordinated range of services, including personal care, support services, clinical care, and home modifications, which are tailored to meet the complex care needs of the client in their home. 

Services can be provided in various settings, including the client's own home, rental accommodation, retirement villages, group homes, or when living with family members.  

These packages are available from both non-profit and commercial organizations and are subsidized by the government. Clients must be approved by an ACAT/ACAS to be eligible for a package. 

Home Care Figueres as at: 20 March 2024 - 30 June 2024 

Level 1 - Basic 

Basic Daily Fee: $11.43 

Annual Amount: $4,171.95 

Maximum daily Gov. Subsidy Amount: $28.14 

Total Annual Budget*: $14,443.05 

Level 2 - Low 

Basic Daily Fee: $12.08 

Annual Amount: $4,409.20 

Maximum daily Gov. Subsidy Amount: $49.49 

Total Annual Budget*: $22,473.05 

Level 3 - Intermediate 

Basic Daily Fee: $12.42 

Annual Amount: $4,533.30 

Maximum daily Gov. Subsidy Amount: $107.70 

Total Annual Budget*: $43,843.80 

Level 4 - High 

Basic Daily Fee: $12.75 

Annual Amount: $4,653.75 

Maximum daily Gov. Subsidy Amount: $163.27 

Total Annual Budget*: $64,247.30 

*Includes government subsidy and client contribution 

As we live longer and medical technology gets better, we can expect to have longer and more active retirements. But as we get older, there is a higher chance that we might need help with daily tasks or medical care. 

However, you don't necessarily have to leave your home to get help. There are services available that can help you stay in your home longer. 

Nevertheless, these services might not work for everyone, especially those who live alone or have high care needs. In such cases, moving to a residential aged care facility might be a better option. Planning ahead of time can make all the difference and reduce the stress of making a decision when the time comes.

 The cost of caring for someone in a residential service can be as high as $290 per day, which amounts to approximately $105,744 per year. However, the government heavily subsidizes these costs to make it affordable for everyone. The Federal Government spends over $13 billion annually on aged care.

As the percentage of Australia's population over age 85 is set to triple over the next thirty years, the pressure on finances is increasing. Additionally, the rules for fees changed on July 1, 2024.

Every aged care home sets its own prices, albeit within a prescribed limit, and costs differ. The amount you will have to pay is determined by the place you choose and an assessment of your income and assets. Typically, there are three types of costs associated with all aged care homes:

A basic daily fee - (the maximum is currently $61.96 per day)

A maximum amount that everyone pays for the hotel services they receive.

Accommodation costs -A varying cost for your room based on a means assessment.

Means tested care fee - The means-tested care fee, which is currently capped at $416.05 per day, is a varying cost for the care services you receive based on a means assessment.

If you want to get an idea of what you may have to pay, you can use the fee estimator.

For more information on Costs and How it is calculated please feel free to give us a call or you can read more about the costs and fees on the understanding aged care page costs.

 Once you receive the confirmation letter confirming your approval for a place in a government-subsidized aged care home or a privately funded home, there are two things you should do next:

1. Give us a call so we can start your journey to find and connect you with an aged care home that best suits your needs.

2. Once we find an aged care home that you're happy with, we will go through the various fees that you may be asked to pay when moving to an aged care home. If you are eligible, you are expected to contribute to the cost of your accommodation and care if you can afford to.

 It is important to consider various aspects while preparing for your care years, with financial considerations being just one of them. Your health requirements and family arrangements may impact your available options. 

However, careful financial planning can help you gain more choices and greater control over your living arrangements and care services. 

Seeking guidance from an experienced aged care adviser is crucial. They can provide you with advice that takes into account your family's needs, estate planning considerations, and strategies to generate sufficient cash flow, such as accessing government benefits and concessions. 

If you believe that your plans require review or need more information on aged care, please contact us to schedule an appointment today.