Aged Care services
Whether considering options for yourself or deciding how best to help someone close to you, aged care is a complex area and requires careful thought. The uncertainty surrounding where to move, how much it will cost and where the money will come from can be overwhelming and stressful.
On entry to a facility, you will be required to pay either an accommodation bond (once only) or an accommodation charge (ongoing).
Regardless of what type of facility you choose there will also be a basic daily fee to pay and there may be a ‘daily income-tested fee’. Some facilities offer you a higher level of service or a higher standard of accommodation or food. If you have chosen a higher level of services there will also be ‘extra service’ fees payable.
Changes to your circumstances, government legislation or simply what solutions are available in the market means the answer to these questions may change from year to year. It pays to set aside time annually to review your options.
Your Financial Planner can help with the decisions you need to make and which strategies are best suited to your circumstances. There are strategies to minimise your bond. However, you need to ensure they don’t have unintended Centrelink consequences or reduce your chances of being accepted into your preferred facility.
At Global Financial, we can help you fine-tune your strategy to minimise up-front costs. It may be that you don’t need to have an asset assessment at all. Centrelink assesses your assets and the aged care facility negotiates the bond or charge with you. There are also strategies to minimise the fees you pay. Keeping or selling your home often forms part of the strategy as does how you invest. A poorly executed plan can result in a lower Age Pension and higher fees. Contact our office to find out how we can help in this area.