Navigating the financial landscape of aged care and pensions in Australia can be a complex task. This comprehensive guide aims to provide you with all the crucial rates and thresholds effective from September 20 to December 31, 2024. Use this as your go-to quick reference guide for making informed decisions.

Residential Aged Care

Basic Daily Care Fee

Fee: $63.57 (updated 20 September 2024)
Who Pays: All residents in a residential aged care facility

Means-Tested Care Fee

Fee: Lesser of the means-tested amount ($69.49 (from 20 September 2024)) or the cost of care.
Annual Cap: $34.174.16
Lifetime Cap: $82,018.15

Note: The highest cost of care is $417.41 per day, including primary supplements.

(updated 20 September 2024)

How is the Means-Tested Amount Calculated?

Income Test Contribution: \[((Total assessable income – income-free area) × 50%) ÷ 364]
Asset Test Contribution: Calculated based on assessable assets.

– 17.5% of assets between $61,500 and $206,039.21

– 1% of assets between $206,039.21 and $495,117.60

– 2% of assets above $495,117.60

The total amount is then divided by 364. (updated 20 September 2024)

Income-Free Area

Single: $33,73500
Couple (illness separated, each): $33,059.00 (updated 20 September 2024)

Accommodation Costs

If the means-tested amount is less than $69.49, an accommodation contribution is required. If it’s more, an accommodation payment applies.

Maximum Accommodation Supplement

Newly Built/Refurbished and Meets 40% Low Means Quota: $69.49
Not Newly Built but Meets 40% Low Means Quota: $45.31
Newly Built but Doesn’t Meet 40% Low Means Quota: $52.12
Neither: $33.98

Minimum Permissible Asset Level

Amount: $61,500

Maximum Permissible Interest Rate

1 Jan 2024 – 31 Mar 2024: 8.38%
1 Apr 2024 – 30 June 2024: 8.34%
1 July 2024 – 30 September: 8.36%
1 October – 31 December 2024: 8.38%

Home Care

Basic Daily Care Fee

Level 1 (Basic): $11.72
Level 2 (Low): $12.40
Level 3 (Intermediate): $12.75
Level 4 (High): $13.08

Income-Tested Care Fee

Income-Free Area and Income Test Threshold

Single: $33,735.00 (Free Area), $65,020.80 (Threshold)
Couple (Living Together): $26,109.20 (Free Area), $47,668.40 (Threshold)
Couple (Illness Separated): $33,059.00 (Free Area), $64,344.80 (Threshold)

Annual and Lifetime Cap

Annual Cap: $6,834.17 or $13,669.63 (based on income)
Lifetime Cap: $82,018.15

Pensions

Age Pension Age

Prior to 1 July 1952: 65
1 January 1957 and later: 67

Maximum Rate of Pension (As of 20 September 2024)

Single: $1,144.40 (fortnightly), $29,754.40 (annually)
Couple (Each): $862.60 (fortnightly), $22,427.60 (annually)

Pension Asset Test (As of 20 September 2024)

Single Homeowner: Full pension at $314,000, cut-off at $695,500
Couple Homeowner: Full pension at $470,000, cut-off at $1,045,500

Carer Allowance (As of 25 January 2024)

Fortnightly Payment: $153.50
Income Limit: Combined annual income of carer and partner must be under $250,000

For more personalised advice, you can reach out to Aged Care Financial Advisers at 1300 550 940.

Navigating the financial landscape of aged care and pensions in Australia can be a complex task. This comprehensive guide aims to provide you with all the crucial rates and thresholds. Use this as your go-to quick reference guide for making informed decisions.