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If you can no longer live independently, or require assistance in your home, aged care provides you with the living and nursing care services you may need.
There are three types of aged care:
at-home aged care,
residential aged care, and
transition and respite care
The Australian Government subsidises a range of these services, but you will be expected to contribute to the cost of your care if you can afford to.
If you or someone you know is starting to consider residential aged care, you may well be feeling overwhelmed with the options and alternatives. Making the right decision can be complicated and requires a lot of decision making at what is usually an emotionally challenging time.
There are a number of calculations to consider that determine the overall cost of aged care; including a Basic Daily Fee, Means Tested Care Fee, Refundable Accommodation Deposit (RAD), a Daily Accommodation Payment (DAP) and then any additional ‘extras’ offered by aged care providers, along with various Income & Assets tests and Fee caps. We can work with you to break down what you might pay and plan your assets to maximise your Centrelink Age or DVA Pension entitlement.
Often people are confused as to whether they should sell the family home or keep it as an investment, pay the full Refundable Accommodation Deposit or only part of it. The answer to each of these questions is entirely dependent on the individual circumstances, including amongst other things, health.
Some investment products can increase Aged Pension or DVA entitlements and we will consider these as an option to meet the immediate and medium-term needs of the individual, while remaining conscious of the Estate.
There are a number of steps to take if you or a loved one requires help at home, or to move to a care facility. The first step is to arrange an aged care assessment– which will determine the level of care required and help you find appropriate programs and facilities. (See the ’website for details on ACAT assessments.)
The next steps for your family to make the smoothest possible transition into Aged Care include:
Aged Care Financial Advice to help you choose which payment option works best when entering an aged care Facility;
Help to maximise Centrelink Age Pension;
Assistance in understanding the impact of holding or selling the family home; and
Investment advice to ensure your loved one is taken care of and that the investments are working for the ultimate transition to the estate.
This information is general in nature and was provided by Fiduciary Financial Services Pty Ltd AFSL 247344. www.fiduciaryadvice.com.au
General Advice Warning
This information may be regarded as general advice. That is, your personal objectives, needs or financial situations were not taken into account when preparing this information. Accordingly, you should consider the appropriateness of any general advice provided as part of this information, having regard to your own objectives, financial situation and needs.
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