Aged Care Financial Planning Advice
Supporting & guiding you through unfamiliar territory
The decision to transition a family member into an aged care facility is one of the hardest you’ll ever have to make. The process is made even more difficult by the complex and foreign financial landscape that needs to be navigated.
Government legislations around accommodation payments, daily care fees, means tested fees, government benefits, maintaining the family home for the spouse remaining at home – with so much to consider its important you seek the support of your financial planner.
Are you or your family members over 65? You may find our 4 Step Easy Plan for Transitioning to Aged Care a helpful resource.
At Blenkhorn Financial Planning we’ve helped many clients navigate this journey. This often includes helping you understand and make the best choices on:
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There are three main payment options: a refundable accommodation deposit -RAD or a daily accommodation payment -DAP or a combination of these two; a means tested fee -MTF which is determined by your assets and income and a basic daily fee. There is also the possibly an additional service fee in some facilities that pays for luxuries. The choice the individual makes about which funding option is right for them will depend on their financial circumstances. We will discuss your options for funding the accommodation payment and structuring of finances including cash flow advice, as well as information on government benefits and minimising means tested fees.
Structuring the Right Finances for the Spouse:
The Right Choice with the Family Home:
Finding the right facility, that best suits your family and finances, is critical. There are three important financial steps to consider when making that decision which we can help guide you through:
- What will it take to be offered a place?
- Can the person afford these payments?
- Does the fee represent value for money?
Follow our case studies for further information.
Let the team at Blenkhorn help you understand the financial implications of your Aged Care.
Call us on 9997 7007, or contact us online, to arrange an initial, no cost to you discovery meeting to safely make the best choice for you and your loved ones.