This article will help you understand the projected balance which is displayed in your care app powered by Lookout.
What is the projected balance?
Based on your current expenses and income, the projected balance predicts your funds' balance at the end of the month. The estimation compares the anticipated available funds to the expected cost of care and services.
How is the projected balance calculated?
The projected balance is the total of your Home Care Program (HCP) package entitlements plus any unspent funds, minus the projected cost of care and services you will receive this month. The result is your projected balance estimation. This is the estimation of your balance at the end of the current month.
Your HCP funding |
+ | Any unspent funds |
- | Cost of care and services |
= | Projected balance estimate |
Your HCP funding entitlement
As a Home Care Program (HCP) participant, you are entitled to a monthly amount of funding. This funding includes:
Your Government subsidy, based on your assigned HCP level
Any additional supplements (e.g. oxygen supplement)
The app calculates the projected amount of HCP funding you will receive for the current month.
Any unspent funds
If you have any unspent funds from previous months, the app records these funds. These funds might be held by the Commonwealth or your care provider on your behalf.
The projected cost of care and services
The projected cost of care and services is the total cost of all the care and services for the month. This includes the cost of care and services already delivered and the planned items your care provider scheduled.
How do I see the projected balance?
You can access the projected balance in the care app:
Go to 'Settings'
Select 'Account'
The projected balance will be displayed on the 'Budget' tab
FAQs
I have an income-tested care fee (ITF). Is this included in the estimated balance?
Using an income assessment, the Government determines if you need to pay an income-tested care fee (ITF). If you have been assessed to pay an ITF, this fee is considered part of your HCP funding for your estimated balance.
I had a planned visit cancelled. Is the cost of the visit in my estimated balance?
No, any cancelled visit is not included in your estimated balance. Once the visit is cancelled, the estimated balance cost is removed from your projected costs.
How often does the estimated balance update?
The estimated balance you see in the app is the latest available balance. It is updated with the most available information each time you visit the estimated balance screen in the app.