This rate applies to people who move into residential care (or move to a new provider) from 1 October 2024 to 31 December 2024 or clients NOT assessed as low-means, who voluntarily move rooms during this period. Existing low-means clients only have the MPIR set if they move to a new provider.
The increasing rate is likely to make the cost of funding care more difficult for some clients – increasing the need for aged care advice. It may also continue to increase the preference to pay Refundable Accommodation Deposits (RAD) instead of Daily Accommodation Payments (DAP).
Navigating aged care can be complex, and understanding how the MPIR affects cash flow underscores the need for guidance from a qualified Aged Care Specialist. If you or someone you know is entering residential aged care, changing rooms or facilities, or needs help exploring their options, please reach out to Sophie Doyle at 02 4325 0884 or email [email protected].
Sophie Doyle (AR#000470612) is a Retirement and Aged Care Specialist at Morgans Financial Limited (Morgans AFSL 235410 / ABN49 010 669 726); with a passion for assisting people make informed financial decisions, as they navigate their way through retirement and aged care.
