Do I have to sell my home for Aged Care?
Selling your home is not a pre-requisite for moving into an Aged Care Home. A better question to ask would be, “should I sell my home before moving into an Aged Care Home?”. There are a number of factors that need to be considered which would influence this decision, such as:
- The value of your financial and personal assets, including the assessable value of your home if you decide not to sell.
- Your total annual income, which would include your pension, income return on investments, and rental income on your home if you choose to keep it.
- The Aged Care Home costs, which are influenced in part by whether you choose to pay the Refundable Accommodation Deposit (RAD) in full, or only partially with a higher Daily Accommodation Payable (DAP) fee applying.
- Whether you apply – and are approved – for Australian Government subsidised care in an Aged Care Home.
These are not easy decisions to make, and it is advisable for you and your family to discuss all the details with a professional Aged Care adviser and a financial adviser.