Aged Care Planning
How much does it cost?
How do I pay for it?
Are there right and wrong ways to approach it that could have me paying for a bad decision for the rest of my or my parents' lives?
The move from independent living to a residential aged care facility can present many challenges, not only for the individual affected, but for the entire family. Whilst seeking the best possible facility is of utmost importance, you must also consider and be concerned with the financial side of these arrangements and how they will impact upon the individual’s financial situation.
The move into residential aged care can be a financially complex situation. This, along with the confusing and emotional situation that this change can bring about, makes this a stressful time for many elderly individuals and their families.
Most people require residential care after a health related trigger event. As a result of this, decisions are often made quickly under a great deal of pressure, and with little or no preparation or planning. The aged care system is complicated as it contains a unique set of fees and charges that interact with pension benefits.
It can become very difficult for families to understand the financial consequences and avoid unintended outcomes. Matters that often need clarification include:
What is an accommodation bond and how do we fund it?
Should the family home be sold or kept?
What will be the impact upon my pension benefits?
What are daily care fees and can I afford aged care?
Before signing up for an aged care place, a financial planner who specialises in aged care can help you to understand the various fees, charges, bonds and other expenses which could apply. They can also assist to manage the timing of entry to residential aged care to minimise the overall costs, and to arrange the available assets to generate the cash flow needed.
Successful outcomes are more likely to be achieved by preparing in advance. Pinn Deavin Securities are specialists in aged care financial advice. We can assist a family in assessing all the options available to them to ensure they make an informed decision based on their individual circumstances.
You can reduce your worry about costs and fees. Pinn Deavin Securities will work with your family to assess assets, income and eligible subsidies, by exploring all your options. We will create a financial plan to ensure that care is affordable now and into the future, giving you peace of mind.
Pinn Deavin can also assist with introductions to other specialised aged care services including legal, accommodation and related services. Pinn Deavin can work with existing advisers to help them understand and deal with the complexities of aged care services in Australia.
The way to minimise family trauma and the emotional battlefield of transition into aged care is for all concerned to meet together and plan before the crisis. Having determined a process well in advance, it is much easier to transition. Everyone can focus on the emotional support requirements and not be distracted with the financial and legal issues.
There are no new problems in aged care, merely ones that YOU have not encountered before. Pinn Deavin has.