Individual must be left with minimum assets
305 Individual must be left with minimum assets
A registered provider must not accept payment of an amount of refundable deposit from an individual if:
the individual provides sufficient information to allow the individual’s daily means tested amount to be worked out; and
the individual pays the amount within 28 days after the individual’s start day; and
payment of the amount would leave the value of the individual’s remaining assets at less than the minimum permissible asset value.
The minimum permissible asset value is:
the amount obtained by rounding to the nearest $500.00 (rounding $250.00 upwards) the amount equal to 2.25 times the basic age pension amount at the time the registered provider starts delivering ongoing funded aged care services to the individual in an approved residential care home; or
such higher amount as is prescribed by the rules.
The value of an individual’s assets is to be worked out in the same way as it would be worked out under section 330, but disregarding subsection 330(7).
This Act’s bill:Explanatory memorandumSecond reading speech
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