Aged Care Financial Advice in Perth
Meet Emma Cork, our Perth-based Aged Care Financial Advice Specialist
Aged care financial advice is a specialist area. The rules change constantly, as do the available strategies. HPH adviser Emma Cork is an Accredited Aged Care Professional ™ with the skills and knowledge to give you the right advice at this important time of your life.
Emma is also a CERTIFIED FINANCIAL PLANNER® professional (CFP®), a member of Financial Advice Association Australia (FAAA) and has a Diploma of Financial Planning from Deakin University (Melbourne).
Emma is passionate about helping clients plan appropriately to set them up for greater independence and lower stress in their later years.
Aged Care Financial Advice in Perth
Meet Emma Cork, our Perth-based Aged Care Financial Advice Specialist
Aged care financial advice is a specialist area. The rules change constantly, as do the available strategies. HPH adviser Emma Cork is an Accredited Aged Care Professional ™ with the skills and knowledge to give you the right advice at this important time of your life.
Emma is also a CERTIFIED FINANCIAL PLANNER ® professional, a Financial Planning Association (FPA) member and has a Diploma of Financial Planning from Deakin University (Melbourne).
Emma is passionate about helping clients plan appropriately to set them up for greater independence and lower stress in their later years.
What the aged care financial advice process looks like
Planning
You can reduce a significant amount of stress with timely pre-planning. A good place to start is a family meeting where you discuss options and preferences, explore each person's concerns and determine who needs to provide input.
Assessing options
This is where you decide whether you will be accessing aged care help in your home or a residential care service. To access government-subsidised services, you will need to undergo a free assessment by an Aged Care Assessment Team/Service (ACAT/ACAS).
Searching for services
If residential care ends up being the best option for your needs, you will need to decide where to live.
Understanding costs
What you will pay for residential care is divided into contributions towards accommodation, care and additional services. How much you pay may depend on the choices you make, your assessable assets and your assessable income.
Covering the costs
This step involves a complete review of your financial situation to ensure you can create sufficient cashflow and maximise your estate.
Estate planning
Whenever your circumstances change, you need to consider the impact that will have on your estate plans. Moving into aged care is no different. Things that require a review include your will, investments and powers (Enduring Power of Attorney, Enduring Guardianship etc.)
Moving
When you accept a place in an aged care service you will be asked to sign a Resident Agreement. This will detail the services provided and fees payable. You will elect to pay your accommodation fees as a lump sum (RAD) or a daily fee (DAP).
As you can see, there is a bit involved in the aged care advice service. This is why it's important to have a trusted advisor to take you through the process.
2 common aged care advice mistakes
Two typical traps people fall into when it comes to aged care advice are:
- Leaving it too late to have the conversation: once Mum or Dad can’t return home from the hospital (for example), you’re in crisis mode. This is not the best environment for anyone to make life-changing decisions.
- Thinking it will never happen: unfortunately the statistics say otherwise. On average, we can expect to live 17-25% of our retirement with a frailty that may threaten our ability to live independently without care. Given this, planning ahead is vital.
3 common aged care advice concerns
Experience tells us that the most common concerns faced by clients seeking help with aged care generally fall into three main areas:
- Process: What needs to be done to access care and what options do I have?
- Finances: Can I afford to pay for care?
- Strategy: Am I missing out on anything?
Thankfully, we have the experience to provide peace of mind and a clear roadmap that covers off all of the above areas. We know what a difference this makes to our clients’ lives.
Common questions about aged care financial advice
What is aged care?
In Australia, aged care refers to the range of services and support provided to older individuals who may need assistance due to aging, illness, or disability. The goal of aged care is to help older Australians maintain their independence and quality of life as much as possible while receiving the necessary care and support.
Aged care can include help with everyday living, assistive equipment and home modifications, personal care and health care, and accommodation.
Who typically seeks aged care advice from HPH Solutions?
- Clients who are aged 70+
- Clients aged 40-65 who have elderly parents who’ve not yet sought aged care advice
When do people typically seek aged care advice?
There are a few common triggers that see people seek aged care advice from HPH Solutions:
- A change or decline in health or mobility
- A decline in the ability to perform everyday activities
- An increase in safety concerns (issues related to falls or accidents in the home)
- A decline in memory or cognitive capacity
- Returning home from hospital
- A change in the circumstances of a caregiver
When should you seek aged care advice?
Most people wait until one of the trigger points above, but if you start planning for aged care support before you or your parents need it, it can significantly reduce the chance of decisions being influenced by the three ‘Gs’: grief, guilt and greed.
What other aged care financial advice questions can HPH answer for me?
Our Aged Care Advice service answers all the most common aged care questions, including those below:
- What are the expected costs associated with aged care, including accommodation fees, care fees, and other potential charges?
- Can you help us understand the different fee structures and how they apply to my parents' situation?
- How will my parents' assets and income be assessed to determine their eligibility and contribution to aged care costs?
- Are there strategies to optimise their financial position during this assessment?
- What government financial support or subsidies are available for aged care, and how can we ensure my parents maximise their entitlements?
- What is the process of applying for and accessing government support?
- What are the financial implications if selling the family home is necessary, and how can we best manage the process?
- Are there alternatives, such as renting the property, that may be more suitable for my parents' situation?
- How should we adjust my parents' investment portfolio to ensure it aligns with their financial needs in aged care?
- What investment strategies can help generate income to cover aged care costs while preserving capital?
Starting the aged care conversation
Starting the conversation about aged care advice can be sensitive, and it's important to approach it with empathy and respect. Here are some tips on how to initiate and have the conversation:
For guidance through the questions and concerns you and your family have regarding aged care financial advice, call us on (08) 9200 3123 or email info@hphsolutions.com.au.