Aged Care

Q: How Does Financial Advice Help?

Receiving financial advice in relation to aged care can help you and your family ensure you have your assets structured in such a way as to maximise any entitlement to the age pension, ensure there are enough liquid assets to meet ongoing care and lifestyle needs and determine how much (if any) of the Refundable Accommodation Deposit (RAD) to pay. Families often feel pressure from an aged care facility to pay the RAD immediately and this may mean you end up selling assets in a hurry or paying unnecessary capital gains tax on the sale of investment assets.

Q: Is Aged Care Essential To My Retirement Plan?

Aged care should be considered in your long-term retirement plan. All levels of aged care require financial input from you, even if you choose to stay at home. Residential aged care fees are means tested and can be quite expensive depending on the facility chosen and your level of assets (and therefore your ability to pay). Planning for such a big expense is prudent for all of us.

Ensure you get specialist advice for the big decisions in life!

Aged Care Financial Advisors

Get Specialists advice under one roof for making big life decisions.

Getting specialist financial advice on aged care can provide guidance in what can often be a stressful time. Our aim is to work out the best way to structure your finances and put you in the best position as the transition occurs.

There are two different types of aged care;

Home Care
Aged Care Facilities

There are also different levels and packages with home care, depending on the level of care required. This is why it is important to seek financial advice on aged care with an advisor who is experienced in the aged care space as this is a specialised area. Not all financial advisors may have the necessary skills to ensure that the transition occurs with the right asset and income structure.

Moving into an aged care facility requires some extra planning and speaking with a financial adviser is going to give you the best opportunity to make the best decisions.

Would you like to know when to seek a financial adviser who specialises in aged care as well as the fees and different options involved with aged care to ensure your loved ones are put first?

Free Financial Advice for Aged Care

Download our free guide to help guide you and arm yourself with all of the information you need to make the best decision for you and your loved ones when it comes to aged care.

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AGED CARE FAQs

Why Do I Need To Prepare For Aged Care?

Aged Care can be confusing, it is expensive and there will be a lot of decisions that you and/or your family will need to make in potentially a short amount of time.

Planning for Aged Care, even if you are currently healthy and independent (and an aged care facility is a few years away), can ensure your assets and cashflows are structured in the most beneficial manner.

Planning will also eliminate the need to have to make decisions when you and your family are in a highly emotive state.

If I Retire, Do I Have To Go Into Aged Care?

No, there are other care options available to you.

For example:

You may choose to receive care in the home via the Commonwealth Home Support Program or a Home Care Package. Services include meal preparation, gardening, cleaning, personal care, transport, provision of aids within the home etc.;
Granny flat; or
Living with a close relative.

What's The Difference Between Home Care + Aged Care Facilities?

Home Care is the provision of services within your own home, whereas as Aged Care facilities provide 24/7 care for residents who can no longer safely live at home.

How Does Financial Advice Help?

Receiving financial advice in relation to Aged Care can help you and your family ensure you have your assets structured in such a way to maximise any entitlement to the age pension, ensure there is enough liquid assets to meet ongoing care and lifestyle needs, and determine how much (if any) of the Refundable Accommodation Deposit (RAD) to pay.

Families often feel pressure from an aged care facility to pay the RAD immediately and this may mean you end up selling assets in a hurry or paying unnecessary capital gains tax on the sale of investment assets.

Is Aged Care Essential To My Retirement Plan?

Aged Care should be considered in your long term retirement plan.

All levels of Aged Care requires financial input from you, even if you choose to stay at home. Residential aged care fees are means tested and can be quite expensive depending on the facility chosen and your level of assets (and therefore your ability to pay).

Planning for such a big expense is prudent for all of us.

Are There Differing Levels Of Aged Care?

Individuals on a Home Care Package will be classified between Levels 1 to 4. Level 1 provides basic support compared to Level 4 which provides a much higher level of support.

Your level of care is determined by an aged care assessment where you will be asked a range of questions about your ability to complete daily activities. The assessment will also gauge your cognitive function.

Retirement villages and lifestyle communities are suitable for individuals or couples who do not require constant care. This is in contrast to residential aged care facilities that provide constant care, nursing and support. Individuals who require a higher level of care (e.g. those with dementia) may need to attend a facility that specialises in this area.