Funding Aged Care
Moving to an Aged Care facility is a difficult process emotionally. It is also complex and time consuming and there are significant financial issues that you need to consider.
People moving into an aged care facility need to be assessed by an Aged Care Assessment Team. This process determines the level of care you will require. Once that assessment is complete you then begin the process of finding a suitable facility. We have partnered with an organisation called Millennium Aged Care who can assist with this process.
Important note: When you make the move to an Aged Care facility it’s important to get all your financial affairs in order. The cost of aged care and your potential for the Age Pension can be significantly impacted by the decisions you make at this point, so start planning early and seek professional advice.
Good to know
The cost of care
The fees all add up, and ensuring you have sufficient money to fund these is important. There are also strategies that can be used to minimise these fees. Understanding the rules to minimise fees is specialist task, and one that an experienced financial planner is well equipped to help you with. Correct structuring of assets during the time you (or your parents) are in aged care can mean those assets grow rather than depreciate.
You can also visit www.myagedcare.gov.au for more information.
Good to know
Our advisers make it their business to have up-to-the-minute knowledge about managing the financial affairs of the aged, including: