The importance of the $173,075 number - under or over | Accurium

The importantance of 173075 numbr

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With typical aged care advice cases, most clients’ assessable assets are in excess of $173,075, be it with the inclusion of the home, when not resided by an eligible person, or with the inclusion of other assets. As a result, these clients are considered high means residents, resulting in their accommodation payment based on the facility’s advertised amount. From time to time, advisers do come across clients whose assessable assets are below $173,075, where ignoring any significant non-social security income, they are usually assessed as low means residents . For couples, as half of the couple’s combined assets are attributed to the aged care resident, members of a couple may be low means if their combined assessable assets are less than $346,150. Based on our experience from adviser enquiries, it is very common for single homeowner clients to be high-means residents whereas not uncommon for some couples to be low means, especially where most of the wealth is in the family home. 


Disclaimer

This information is provided by Accurium Pty Limited ABN 13 009 492 219 (Accurium). It is factual information only and is not intended to be financial product advice, legal advice or tax advice, and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances. The information is provided in good faith and derived from sources believed to be accurate and current at the date of publication. While all care has been taken to ensure the information is correct at the time of publishing, superannuation and tax legislation can change from time to time and Accurium is not liable for any loss arising from reliance on this information, including reliance on information that is no longer current. We recommend that you seek appropriate professional advice before making any financial decisions.