Whether it’s for yourself or someone dear to you, moving into Aged Care can be something which happens suddenly and causes great stress. Where we can help is navigating the different rules and fees which apply to your personal situation. It seems overwhelming at first, and conversations with aged care providers can just confuse you more. What you need to understand is what options are available to you and the impact each option has on your family’s finances.
The things we can help you with:
Explaining how your income and assets may be structured to minimise the cost of care and increase Centrelink/DVA entitlements
Understanding the Accommodation payment – this can be a lump sum, a daily amount, or a combination of both
Understanding the Basic Daily Care fee – everyone in aged care pays this fee and it is based on 85% of the single Age Pension rate
Understanding the Means Tested fee – not everyone pays this as it is based on your income and assets
Understanding the Extra Services fee – only charged for some rooms in some facilities, we will help you understand if this fee applies to your choice of room
There are a number of options which may be appropriate including family trusts, insurance bonds and annuities which we can use as part of our planning strategies. You should talk to us before making any decisions.