Moving into Aged Care or arranging to have a loved one moved in can be an overwhelming and at times stressful experience. We are on hand to guide you through the financial aspects involved in ensuring a smooth transition.
Aged care is a complex area that requires a solid understanding of how the rules interact with the broader tax and social security system.
There is a mine field of aged care alternatives surrounding the decisions to be made. Decisions like:
· which aged care facility is appropriate
· what fees will be payable and what is the best funding option
· what to do with the family home
· the impact on any potential Centrelink or DVA benefits
Aged care costs can be very high and could increase as our population ages. The lump sum accommodation payment can be significant. Then there are other charges, such as the basic daily fee and the means-tested fee.
There are a number of strategies that can help to:
· Manage care costs
· Review entitlement to social security benefits
· Manage tax
· Choose suitable investments; and
· Plan for the distribution of your estate
It is so important to seek qualified advice and plan ahead. That’s where we come in. If aged care is on the horizon for you or any family members, please contact us with any questions or for an initial discussion.