Aged care is an emotional area of advice. We would all like to live long, healthy lives and pass away peacefully in our home but often life takes a different direction and moving into an aged care facility becomes the only practical option. Being aware of all the options and knowing whether or not you can afford it is overwhelming, so we are here to help.
- Remaining in the family home under a Home Care package which provides assistance from support services.
- Moving into a retirement village with other over-55’s and maintaining independence in a safe environment.
- Transitioning to an aged care facility with expert care on hand at all times. Aged care facilities differ depending on the type of care you need, and the additional facilities you would like in your new living environment.
- How to pay for the accommodation.
- Whether you need to sell the family home.
- If the home falls under a ‘protected person’ agreement.
- Whether any benefits or entitlements affect the amount you will be paying.
- Whether you will be able to access income to pay for ongoing expenses, including medical.
If you are living in an aged care facility you will need to consider how you will cover the cost of entry (through a refundable accommodation deposit or a daily accommodation payment) and the ongoing costs which include a means tested fee and a standard daily care payment.
Affording aged care comes down to an income and asset test, the rules of which change frequently. We can help you understand the costs, options for payment, and adapting as your circumstances and legislation changes.
Have this conversation with us as early as possible and involve your family. This brings you peace of mind that your future will be one you can look forward to enjoying, knowing you will be cared for.
We are Aged Care Specialists
The transition from home to aged care is stressful, complex and requires a cool head to make the decisions that will impact your future. Engaging a financial adviser who specialises in aged care advice to help explain the options, the process and work out the most effective way to finance aged care accommodation or in-home care, means you have someone working with you and your loved ones to prepare for the future. At RI Woden we specialise in aged care advice and work with many quality facilities, your family solicitor and your accountant to give you holistic and relevant aged care advice that fits your individual situation. Let us help remove the stress around aged care for you. If you would like to know more about my services within retirement planning or aged care advice, I have so much I can share with you. Please contact me and I would be happy to forward more information to you.
Want to know more? As an Aged Care specialist we have lots of resources to help you through this transition. By providing your email address I can send you some fact sheets, or if you prefer a conversation let me know and I will give you a call.