It is well publicised that Australians are living longer lives. It is also well known that we have an aging population and the government is finding it hard to provide support services such as the Age pension and health support to so many. As many people age, their health and mobility deteriorates and their ability to be self-reliant decreases.
As that occurs there may come a time in an older person's life when they are no longer able to live independently and will need some level of assistance. This may mean moving to a lifestyle village, a low/high level Care Hostel or even obtaining some support in the family home?
As such, it is becoming increasingly important to consider what options are available to assist clients as they or their parents are faced with these challenges.
Speaking with your financial adviser is beneficial if you are finding the financial side of residential aged care confusing or overwhelming. Seeking advice from an Accountcorp Financial Planning advisor may be particularly useful for things such as:
Understanding All the Costs Involved
Aged Care costs money, and how much money you will pay will depend on a variety of factors. In aged care you many need to pay for a variety of different fees depending on the sort of aged care services you are looking for.
Possible fees include:
• Daily Care Fees, since 1 July 2014 known as: Daily Accommodation Payment (DAP)
• Bonds, since 1 July 2014, known as: Refundable Accommodation Deposit (RAD)
• Extra Service Fees
• High Care Extra Service Fee
• Residential Cash Flow needed per annum
• Accommodation Fee
• Income Tested and Asset Tested Fee
• Retention Amount
We can assist you to understand these fees, as well as keep you abreast of changes the government is making in the way you might have to pay for care in the future.
How to Fund the Costs
You and your family may have different ideas on how to fund those costs. There are choices to be made and gaining the assistance of expert advice will help you figure out the best way to fund the costs of aged care.
Should you keep the family home; will there be enough cash flow for day to day expenses; will you have enough income coming in to pay the ongoing aged care fees? All of this we can help you with.
If you or someone you know is struggling with these decisions, don't. Contact our Accredited Aged Care Professional TM.
We are happy to assist, it is our way of looking after our community and our clients.