Reduce Income Tested Fee (Home Care Package)

Revealed on this page…

The Crucial INCOME-TEST ‘Misconception’: your income isn’t the “actual” amount you get…
The Outdated System: Why the system (and its calculations) has been unable to match your actual income…
YOURS FREE – Exclusive Access to ‘How to Avoid Deeming of Your Financial Assets’, A Proven Guide used by our Income & Assets Test Specialist Adviser.

We’re blowing the lid off this problem and showing how you may bypass a significant component of the income-test with flying colours – and did I mention it’s ALL LEGAL and completely FREE? Read on 🙂

Reduce Income Tested Fee (Home Care Package)

INCOME-TEST ‘Misconception’

Jo was on home care package level 2. Other than the home he lives in, he receives an age pension of $787 every fortnight plus a lifetime government pension of $500 a month and has $200,000 in the bank account.

Although Jo was happy to finally get some care services into his home, he was surprised when his Centrelink letter arrived. The letter assessed his annual income as $32,183 (age pension + government pension + $5,732 which works out to be 2.866% on $200,000 bank deposit). This resulted in Jo being asked to pay $17.34 a day (daily fee $10.54, income-tested fee $6.80). Jo was frustrated because the best interest rate on term deposit around Australia is around 2.0%, so how can this be right! Find out how the system work! Read on 🙂

Income And Assets Test Rules: Age Pension vs Aged Care

The Outdated System

Centrelink/DVA make assumptions about your income from financial assets

Historically, the government has no way of monitoring actual income returns from tens of thousands of financial products in the market, they assume that everyone is getting a certain income. This is what is known as ‘Deemed’ income of financial assets. Deeming started in 1991 and the last significant change was back in 1996.

The Deemed rates are higher than current interest rates

And test limits depend if you’re single or couple or couple separated due to illness.

As a single, it’s assumed that your first $51,200 gets a return of 1.75% and any balance above this amount gets a return of 3.25%! Many retirees protest when they come to know about this, but it is the current system of calculation.

Are you thinking if you could bypass deeming? Read on 🙂

If you’ve ever suspected – like most retirees on home care package paying an income-tested fee I know – that there must be a way to not get your financial assets deemed… you are right.

Guruh Sridewa

Your presentation was clear and made sense. You brought great understanding to me and my husband. I really appreciate the time you spend with us explaining the financial options for my in-laws after retirement. I mostly appreciated was how you listened. - Serena Ding, Riverson Lawyers

Extremely friendly, very knowledgeable, they went above and beyond to help me re my father. Highly recommend them! - Etelka Terkely

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