Interest rates are rising, and so is the cost of moving into a residential aged-care home.
The new MPIR applies to people who enter aged care after July 1, and existing residents who choose to move to another home. Residents who paid the market price and choose to move rooms would also be subject to the new rate. For some, it is because they want to avoid selling their home: This could be for sentimental reasons, or because keeping the home can have financial benefits: It has a capped value of $178,839 for the aged-care means test and a two-year asset test exemption for calculating an age pension.The increase in the MPIR means that an aged-care bed with a market price of $550,000 previously had a daily payment of $61.33, which now rises to $75.34 – a jump of $5114 a year.
Currently, when it comes to interest rates it seems the only way is up. That means rising residential aged-care expenses are likely to continue.The aged care interest rate is reviewed at the start of each quarter, meaning the next review is set for October 1.
aged care n retirement villages r being own by large companies They r milking the gov n the residents They are profitable investment with tax perks n ATO is laxed The residents r being fed macaroni n pea soup n drugged up to sleep
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