Accommodation Bonds for Aged Care

A CASE STUDY: Negotiating Accommodation Bonds Aged Care Australia

accom_bondsA widow with health issues and early dementia has a fall and needs to be moved to a care facility.

The family find her a place nearby her home but are unsure of whether to sell the home or rent the home. They are unfamiliar with all the charges and come to us for advice on the Accommodation Bond and whether to pay it upfront or in instalments.

Their Mother has some funds in a Term Deposit that will increase the Income Tested Fee that she may be charged on top of the accommodation daily charge of $45.63 a day.

We are able to implement some strategies that reduce their mother’s Income tested Fee by $7 a day and increase her entitlements to an Age Pension by $210 a fortnight as well as negotiate part payment of the Accommodation Bond that enhances their Mother’s long term financial situation ensuring that her care is funded for her life time.

Do you have a similar dilemma?

Give us a quick call at Blenkhorn Financial Planning & we can advise what is the best way to structure the payments due and ease your concerns about your loved one’s financial security.