Centrelink & Aged Care - Related Q&A's

Selling your home and using the proceeds is a common strategy to fund the costs of Aged Care. However, depending on the level of care you require, you may not need to sell your home. By negotiating with the Aged Care facility, you may find that they are prepared to accept alternative arrangements. In any case, it is a complex area and you should seek specialist advice.

As long as the number of shares that you hold has not changed, you do not need to let Centrelink know of the fall in value of your portfolio. Centrelink regularly update the share prices in their database to reflect more current prices. You can either wait for their next update, or request them to revalue your portfolio at any time.

The application forms for Age Pension are be quite lengthy, so we would suggest obtaining these forms from Centrelink approximately 3 months before turning Age Pension age. This will then give you plenty of time to work through the forms and seek advice if required. While the forms can be lodged anytime in the 3 months before turning Age Pension age, we would suggest lodging the forms approximately 2 to 4 weeks prior to this date.