Alongside the aged care (ACAT) assessment that confirms your eligibility, there is a separate financial assessment - the income and assets assessment, carried out by Services Australia. It is the step that determines how much you personally contribute towards your care and your room.
Why it matters
Aged care fees are partly means-tested. The assessment looks at your income and your assets to work out your means-tested care fee and how much of your accommodation cost you pay versus the Government. Without it, a home may charge you the maximum by default - so completing it is almost always in your interest.
What it looks at
- Income - such as pensions, investment income and other regular income.
- Assets - such as savings, investments and, in some cases, a capped value of your former home (with exemptions, for example where a spouse still lives there).
Helpful protections apply: means-tested care fees have annual and lifetime caps, so your contribution towards care is not open-ended.
How to complete it
You complete the relevant Services Australia form (often referred to through My Aged Care). Some full pensioners have parts of it assessed automatically, but many people still need to submit details. It can take a little time to process, which is why it is wise to start early - ideally before a place is urgently needed.
You can find the current forms and details through My Aged Care or Services Australia. To see how this fits with everything else, read our guide to aged care costs and how to get into aged care.