Advice for Aged Care

Selling your home and using the proceeds is a common strategy to fund the costs of Aged Care. However, depending on your financial circumstances, you may not need to sell your home. By negotiating with the Aged Care facility, you may find that they are prepared to accept alternative arrangements. In any case, it is a complex area and you should seek specialist advice.

Our suggestion is that you talk to a Financial Planner who can explain clearly to you what services they can provide and what the costs will be. All fees and commissions must be disclosed to you so you know how much you are being charged and how much remuneration they are receiving.

Financial planning provides direction and meaning to your financial decisions. It allows you to understand how each financial decision you make affects other areas of your finances.

For example, buying a particular investment product might help you pay off your mortgage faster, or it might delay your retirement significantly.

By viewing each financial decision as part of a whole, you can consider its short and long-term effects on your life goals. You can also adapt more easily to life changes and feel more secure that your goals are on track.

There are four possible fees for Aged Care accommodation:

1. Basic Daily Care Fee - This fee is paid by all residents and is set at 85% of the full pension. This pays for your food and care within the home.
2. Means Tested Fee - This fee is based on both your income and assets. For most residents this fee does not apply or is a nominal amount per day.
3. Accommodation Payment - This fee is set by the Aged Care facility based on the room selected and the location of the home. There are 3 ways to pay this fee:
   1. Pay the RAD in full with cash.
   2. Pay the Daily accommodation payment (the interest on the bond amount).
   3. Or pay part proceeds up front and the rest via daily interest payments.
4. Extra Services Fee - This fee is set by the Aged Care Facility and is for optional extra services such as a glass of wine with meals, the daily paper etc.

All of our advisers are qualified and licensed appropriately. The changes implemented for education standards have meant that our advisers are studying again to keep up to date with the financial planning industry regulation.

We offer a free no-obligation appointment to discuss your financial matters. Should you wish to utilize our services, our ongoing advice fees can be deducted from your superannuation, pension or investment portfolio.

Aged care appointments are charged at $385 and allow for 2 meetings with Scott Keeley to discuss aged care costs and how to best afford the accommodation needs for your family member entering an aged care facility.