80,000 new home care packages in this year’s Federal Budget

If your preference is to age in your own home, the announcement of 80,000 new home care packages in this year’s Federal Budget will be welcome news. But what does it really mean and who qualifies? With an ageing population and baby boomers heading towards care years, the demand for home care is increasing. Even once approved for a package, you could have a 1-2 year wait for the funding to be allocated to you. Allocation of an additional 80,000 packages over the next few years, will not clear the list but is a good start. This brings the total home care packages to 275,598 – an increase of 160,000 packages since the 2018 Budget.

Am I eligible?

All older Australians can apply for a government-subsidised home care package. The first step is to contact MyAgedCare on 1800 200422 and ask for an assessment. If eligible, you will be approved at one of the four package levels. Each package has a set spending budget, which is up to $55,768 for a Level 4 package. A large part of this budget is subsidised by the Government. You will pay a basic daily fee up to $3,960 per year and may also pay an income-tested fee, based on your assessable income levels. At most, your contribution will not currently exceed $15,295 per year.

Need help with planning?

We have helped many clients to navigate through the aged care system, providing our clients with peace of mind and a clearer direction on the potential options for accessing care and structuring finances. We can help with cashflow planning, including options to access equity in the home if needed to fund care, perhaps while waiting for a package to be allocated. Call us today on 07 5322 5333 and arrange an appointment to discuss how we can help you and your family.