As interest rates rise, so does the cost of moving into a residential-aged care home.

From July 1st 2022, the maximum Permissible Interest Rate (MPIR) jumped from 4.07% to 5%. The MPIR is a government -set interest rate used to calculate the daily accommodation payment at aged care homes, and is based on your room price.

The majority of people who live in aged care today pay the cost of their accommodation as a daily payment.

Should you have parents who are considering moving into an aged care facility, Paul strongly recommends that you contact an expert in this field.

Paul suggests you read this excellent article on John’s Linkedin titled, ‘New Government Has its Work Cut Out for It in Reforming Aged Care Services’, which was also featured in the Weekend Australian in June 2022.

John Rawling is the Aged Care Consultant at Joseph Palmer & Sons (VIC), wealth managers and aged care specialists.

To read the article, please click here.

 

Tags: ,