Aged Care Financial Advice
Moving into residential aged care can be a difficult time for all parties concerned. There are many lifestyle decisions and financial implications to consider.
To enter Australian Government subsidised residential care, a person must first be approved as a care recipient. In order to determine a person’s eligibility and care needs, an Aged Care Assessment Team (ACAT) assessment must be undertaken.
Read more about ACAT Assessments.
Your adviser at HPH will ensure that you are aware of the different Aged Care Services available and guide you through the complexities of residential care, to help you avoid making costly mistakes.
Issues that need to be considered include:
- Funding your RAD (Refundable Accommodation Deposit),
- How to deal with the family home (keep, rent, or sell) and
- The additional means tested fees or extra services fees that may be applicable.
If you or your family member are in receipt of a government social security payment, you will also need to consider how the above affects future payment entitlements.
For guidance through the questions and concerns you and your family have regarding the financial implications of residential aged care, call us for a consultation. There is no charge for your first appointment.
- At 30 June 2013 there were around 186,278 operational residential aged care places.
- During 2012-13 around 70 per cent of total funding for residential care was provided by the Australian Government.
- At the same time care was provided in approximately 2,200 aged care homes.
Financial Life Planning is a holistic process
that puts your interests first and focuses
on increasing your sense of financial
well-being and life satisfaction.
It sounds like a strange thing to say that your financial adviser would be talking to you about how you feel, about those sorts of emotional choices and decisions about where you’re going to live and how happy you are in the place that you’re living, but they’re equally as interested in talking to us about that as they are about how good our super is going ..…” Fleur and Kym Wilkinson
“When we were separating, splitting assets and all that kind of stuff, Michael was much more than a financial adviser, he was a confidante, a marriage counsellor to a certain degree, but more importantly, a trusted friend.” Craig Buchanan
“If somebody asked me about financial planning and they were considering it, I would without hesitation recommend HPH” Philip and Kate Smith
“I think what great financial advice offers is peace of mind and particularly if you’re the sort of person like me who’d rather be out sailing than in reading about the latest investment strategy, so it’s great to know you’ve got someone who’s across all that stuff and working on your behalf. It takes the worry out of it for you.” Penny Walsh
“I think the last meeting that we had with the guys I actually cried because I was so happy with how everything was going and so appreciative of everything that they had set up for us.” Dr Fleur Davey
“We were initially very cautious, but they were terrific because they listened first and offered suggestions second. They asked lots and lots and lots of questions about our lifestyle and our ambitions for the future and all those sorts of things and then subsequently came back and said here’s a series of suggestions that we think might be of value to you and we appreciated that style.” Shaun and Lina Ridley
“If it wasn’t for HPH, I think I’d still be worried about money” Craig Buchanan