Centrelink & Aged Care

 

What is an Assets & Income Assessment?

The Assets & Income Assessment is the second vital step in the aged care entry process for most families.

Detailed financial information is provided through a 31 page form submitted to Centrelink or the Department of Veterans Affairs (DVA).

The outcome of this assessment should be completed prior to someone entering permanent residential aged care. If not done prior to entry, the potential resident will be charged the maximum level of fees.

An Assets & Income Assessment is not required for respite or transition care.

Why is it required?

Assets and income of a potential aged care resident are assessed to determine the level of fees and charges that will be charged.

If this financial information is not provided to Centrelink, an aged care resident may be required to pay the maximum level of fees and charges.

For more information on how assets and income affects aged care fees, see our Fact Sheet: Understanding Aged Care: Prices & Payments.

Checklist of information required

  • Details of existing Centrelink / DVA payments;
  • Details of existing primary residence, including mortgage details;
  • Details of income payments (pension, annuities, business income, trust dividends, investment property income, rental income, share income);
  • Details of non primary residence assets (e.g. bank accounts, savings accounts, superannuation, cars, boats, caravans, annuities, stocks, bonds, shares, investment properties, gifts, etc);
  • Details of liabilities (e.g. credit cards, personal loans, outstanding medical bills, outstanding household bills, etc); and
  • Details of carer or family members – particularly those who provide carer services or live in the primary residence).

How can you organise this?

Aged Care Decisions cannot organise an Assets and Income Assessment on your behalf. You will need to contact Centrelink to organise an Assets and Income Assessment.

A Centrelink form called Permanent Residential Aged Care – Request for a Combined Assets and Income Assessment (SA457) must be completed.

You can request the SA457 form by calling Centrelink on 132 300, or download it from the Centrelink website via this link: https://www.humanservices.gov.au/individuals/forms/sa457

Before completing the form, the Information you need to know about your claim for Permanent Residential Aged Care Request for a Combined Assets and Income Assessment booklet should be read. This can be obtained via the internet, or from a Centrelink office.

The completed Form will need to be filled in, signed and returned to Centrelink or to the DVA together with all the required supporting documents.

If the form is returned prior to entering a residential care service, the initial fee notification advice will be valid for 120 days unless there is a significant change in circumstances.

How long does the process take?

Relevant documents should be compiled in the months prior to aged care being required.

Filling out the form may take a few hours.

The form must be submitted to a Centrelink office or the DVA, along with copies of required documentation.

The results of the assets & income assessment will typically be sent to the potential resident within 4-6 weeks after submitting the form to Centrelink.

Further information