Aged Care Advice & Planning
The move into aged care is something that often happens suddenly, causing emotional and financial stress, especially as the aged care system can be difficult to navigate.
You can mitigate the stress by planning ahead. Green Associates can equip you with the right aged care financial advice and guide you through making sound personal and financial decisions for both your loved ones and yourself.
How can we help with your Aged Care Planning?
At Green Associates, we can provide aged care-specific financial advice. We help assess your financial situation to create a plan that covers the cost of aged care, maximises government entitlements and minimises the impact of aged care fees on your wealth and retirement.
We can also help you decide which aged care services are best for you, keeping in mind the complex rules and regulations surrounding aged care and the different types of care available, as well as the costs.
Here are some practical questions Green Associates can help answer:
- What are the differences between home care and residential care?
- Will I be eligible for government support or subsidies for aged care?
- How do I access subsidies and support?
- How can I structure my income and assets to minimise the cost of care and increase financial support?
- What are the financing and payment options for aged care?
- What are the tax implications?
What do we do for you?
At Green Associates, we help you:
- Assess your aged care options
- Select the best-aged care outcome based on your options, preferences, location, healthcare needs and more
- Understand the costs and payment options
- Minimise your aged care costs
- Review your financial situation to see how you can best cover costs
- Review and update your aged care plan as your needs change
In addition to giving aged care financial advice, we can also incorporate your aged care plan with your retirement plan and estate plan so that you are receiving the best possible aged care while protecting your assets and income for the future and for your beneficiaries.
What are the typical costs of Aged Care?
Generally, costs are split between accommodation, care and service fees.
With accommodation costs, there are Refundable Accommodation Deposits (RADs) and Daily Accommodation Payments (DAPs).
RADs are paid as an upfront lump sum that is refunded when you leave, minus any fees. Repayment is guaranteed by the Government as long as your aged care service is accredited.
DAPs are the RAD equivalent but paid periodically – it is like paying rent.
With care costs, there are Basic Daily Care fees and Means-Tested fees. Everyone pays the Basic Daily Care fees, while your level of Means-Tested fees depends on an assessment of your assets and income.
Additional service fees are applicable if you use any services that go beyond the minimum requirements. Extra service fees are payable if your room or home has ‘extra service’ status, signifying a higher standard of hotel-type services like specialised menus and higher-quality furnishings.
Costs can depend on the service you choose as well as any assessable assets and income you have. It can be difficult to calculate the total payable amount, especially as there are also a number of options like family trusts, insurance bonds and annuities that can be used as part of planning strategies. We highly recommend that you book an appointment with Green Associates to receive aged care financial advice before making any decisions.
Why is aged care planning important?
Planning ahead can help you build your understanding of the financial and legal implications of aged care and make informed decisions about the most suitable type of care for your needs.
With an ageing population, the number of elderly citizens who require aged care will only increase. Planning can help ensure that you receive appropriate care in a timely and efficient manner.
Additionally, when you move into aged care, there may be impacts on your retirement. With the right advice and planning, you can make sure you receive the desired care and support while also protecting your assets and financial security. By planning ahead, Green Associates can help review and update your retirement plan and estate plan.
Find out more
If you are considering a move into aged care for yourself or a loved one, contact Green Associates today to set up a consultation to discuss your options. We can provide specialist advice so you can make informed decisions and enjoy peace of mind, knowing that you have a plan in place.