Aged Care choices are complex, making the wrong decisions can come at a high price, emotionally and financially.
Whether you are considering aged care for yourself, a parent, partner or loved one the decisions you face can seem overwhelming. Some of the important financial decisions people are faced with are often highly emotional too, for example whether to keep or sell the family home. Trying to balance all of the considerations of ensuring access to the care you want while seem like an impossible task. We can help you to understand your choices and make the right decisions for you and your family.
We can help identify the fees and charges that will apply to you as well as evaluate the affordability of aged care in the short and long term.
We can help determine your entitlement to a Government pension and other benefits.
We can discuss the options for meeting your aged care costs as well as provide you with a comprehensive analysis of your options so that you can make informed decisions.
Financial arrangements can vary within a facility and from one facility to the next. Every individual’s circumstances are different and one financial arrangement may be better suited to you than another.
Your assessable assets and income can be used to determine the maximum amount of an accommodation payment you can be asked to pay.
Your income and assets are assessed to determine the Daily Care Fee and Care Contribution Fee that will apply.
Aged care – making the right choice
Anyone considering the use of aged care facilities in Australia can be overwhelmed by the range of options available and the associated rules and guidelines. Given that this decision is usually emotionally charged, here is a brief outline of some of the options to make it a bit easier.
Eligibility to access publicly-funded aged care services is established following an assessment by a representative from the relevant state’s Aged Care department.
A single level of care is provided by all residential aged care facilities. Care recipients have the option of paying an upfront refundable deposit or a rent-style periodic payment. Importantly, aged care providers are unable to choose care recipients on the basis of how they pay for their accommodation. The Choice of Payment Method period means that residents do not need to decide how they intend to pay for their accommodation until they have actually entered care.
Aged care is a valuable yet complex system designed to support our most vulnerable citizens to help them live comfortably and safely with dignity and respect. The financial side of things is quite complex and it’s best to speak with a financial professional to establish the best path forward. Contact us today for assistance to get started.