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Glossary

The following are some common terms used in the financial planning, aged care and superannuation industry.

Asset test - The test applied by social security when you apply for a pension.

Accommodation Bond - An accommodation bond is an amount of money you may be asked to pay for your accommodation, when you move into low-level care, or high-level care in an extra-service place in an aged care home.

Accommodation Charge - An accommodation charge is an amount of money charged daily, in addition to your daily care fees, which you may be asked to pay if you move to high-level care.

BDCF - (Basic Daily Care Fee) The basic amount you will pay in a nursing home for the cost of care.

High Level Care - High-level care is the care which is provided for people who have been assessed by an ACAT, and need almost complete assistance with most daily living activities.

Hostel Care - 'Hostel care' is low-level care provided in an aged care home.

ITDCF - (Income Tested Daily Care Fee) The income tested amount you will pay in a nursing home. - subject to a means test.

Low Level Care - Low-level care is the care which is provided for people who have been assessed by an Aged Care Assessment Team (ACAT or ACAS in Victoria), and need accommodation services such as meals, laundry, room cleaning as well as additional help with personal care, with nursing care provided if required.

Nursing Home - Aged care homes that provide high-level care.


 
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