In-home aged care funding explained
Banking on a lotto win to fund your retirement? Forget it, because we’ve got some hot tips that will deliver a windfall. Whether you’re a pensioner or self-funded retiree, My Aged Care (MAC) government-funded in-home services are a winner! Designed to help you stay independent, they can transform the way you see your future. Because the chances are that they’ll leave you with more dosh in your pocket (so you can buy that lotto ticket, if you must!). Let us explain…
The variables of funding your in-home care services
The key is finding the best care services, value for money and government-subsidised option for your situation. Luckily, Feros Care has no end of experience and friendly consultants to help advise you on what’s best for you. They’ve got all the facts at their fingertips including the costs, inclusions, eligibility and which programs you can access quickly – and which involve a bit of a wait. For example, it can take 6 to 12 months to have a Home Care Package allocated to you, but there are other programs you may be able to access while you wait.
To put it bluntly, the cost of aged care will largely depend on where you live, the provider you choose and your finances. You can dive right in with our aged care fee estimator to see what you may be eligible for, but to be honest, it can sound like a lot of mumbo-jumbo until you grasp the basics. So keep reading…
In-home support options
MAC subsidised in-home care options include Short Term Restorative Care, Commonwealth Home Support Package and Home Care Packages. Here’s the lowdown on each one:
Short Term Restorative Care (STRC)
STRC is an 8-week program to restore independence and quality of life of individuals recovering from an injury or illness. Fully funded by MAC, this program is free for individuals who are living at home, registered with MAC and who have been approved by an Aged Care Assessment Team (ACAT). It’s also free if you’re already receiving a CHSP (see below), but not people with a Home Care Package. Find out more about the Feros Care program here.
Commonwealth Home Support Package (CHSP)
Just need a bit of help to remain bold, active and engaged in life? The CHSP program can include many services including home maintenance, personal care and social transport on a short term or ongoing basis. To be eligible for CHSP funding you need to register with MAC and have a face-to-face assessment through a Regional Assessment Service (RAS), such as Aspire4Life. The services provided are subsidised by the government, however if a person can afford to, they also contribute towards the cost of the services. The costs are determined by the provider you choose and can be as little as a few dollars for fortnightly cleaning. Find out more about Feros Care CHSP services here.
Home Care Package (HCP)
Home care packages are the holy grail of support for many singles and couples who want to stay independent, safe and social. A HCP can fund everything from help with meal prep, to the installation of ramps and grab rails at home and transport to appointments.
The funding provided for each Level of Home Care Package is as below:
Level 1 – Basic Care needs funding to approx. $8,800 a year
Level 2 – Low Care needs funding to approx. $15,500
Level 3 – Intermediate Care needs funding to approx. $33,700
Level 4 – High Care needs funding to approx. $51,100
Where to begin? Feros Care can work with you to identify, coordinate and manage your care needs. With the cost of care and nursing services calculated on 15min, 30min, 45min and hourly rates with different fees for daytime visits, after 6pm, Saturdays, Sundays and public holidays – we can ensure you squeeze the best value from your package. To get an idea of the costs you’ll be up for, tap into our home care fee estimator. Or find out more about Feros Care HCP services here.
If you’re wondering “What is the difference between a Home Care Package (HCP) and Commonwealth Home Support (CHSP) and Commonwealth Home Support Program vs Home Care Packages” or “Which is better for my needs?”, find out here.
What you pay (if you can afford to)
A fee paid to the provider
Providers charge a basic daily fee which the government recommends is equivalent to a maximum of 17.5% of the single aged pension for a person on a Level 4 Package. The maximum for other packages is 15.68% for Level 1, 16.58% for Level 2 and 17.05% for Level 3. However, this is completely negotiable and many clients at Feros Care pay minimal daily fees – or no daily fee – depending on their financial situation.
Providers also charge for Package Management, Care Management, a 10% fee on some services provided by external suppliers and mileage per kilometre if it is part of the service.
A fee paid to the government
If you’re a part-pensioner or self-funded retiree you may be asked to pay a daily Income-Tested Care Fee while you hold a HCP. This fee is different for everyone and ranges from $15.12 a day to $30.25 a day. However, full pensioners do not pay this fee. Yay!
You can choose to pay for additional services which are not covered by the HCP. These costs are paid by you directly to the provider.
So that’s funding explained in a nutshell! To drill right down to the nitty gritty you can use our home care package estimator because at Feros Care we’re proud of our affordable and transparent fees. Better still, take the time to connect with one of our experienced consultants who will take a balanced, personalised approach to helping you smash your wellness goals.