We see a number of our longer standing clients reaching the stage where they can no longer live independently at home.
We understand this can be a traumatic time in having to make a decision about the need for Aged Care and finding suitable places for loved ones such as parents, partners, and other family members. It is often a difficult process for all involved, and the need for action can also come upon us quite suddenly.
We find that we can provide expertise in this complex area to plan, clarify and explain the financial aspects of Aged Care options.
A short list of some of the financial issues to be considered includes the following:
1. Keep, rent out, or sell the family home.
2. Negotiate the amount of the Accommodation Bond or Accommodation Charge (both are potentially negotiable, but you are not always told this).
3. Pay all the Bond as a lump sum, or pay part of it as a lump sum, and the remainder of it as a periodic payment.
4. Assess whether there is value in an “Extra Services” place.
5. Maximisation of Age Pension position.
6. Minimisation of Income Tested Fee.
7. Cash flow planning to ensure the ongoing Aged Care Fees are properly funded.
The rules are different for Low Level Care verse High Level Care.
This is a complex area where we believe we can add considerable value.