Why is Aged Care Financial Advice Important for Seniors?

Life can be incredibly unpredictable. That is why everyone, especially the elderly, requires financial counsel to ensure they are prepared for whatever comes next. Dealing with complex aged care planning for the elderly can be overwhelming at a time when their primary worry is their well-being.

An experienced financial adviser can help you manage your money and ensure financial stability through tailored aged care financial advice. This enables your loved ones to focus on their health and well-being while knowing that their financial issues are in excellent hands with the assistance of a financial consultant. 

What is Aged Care?

Aged care is a type of care provided by health and social services to meet the needs of senior citizens. There are different types of aged care services, which can be provided in a person’s home, in an aged care facility or in the community.

What Types of Aged Care services are there?

There are three main types of aged care services:

1) Home support services: these help people to stay living in their own homes for as long as possible. Services can include domestic assistance, personal care, respite care, transport and gardening. Learn more here.

2) Residential aged care: this is when people can no longer live at home and need to move into a nursing home or other type of facility. Services include food, accommodation, personal care, laundry and recreation. Learn more here.

3) Community aged care: this helps people to stay living in their own homes through community connection. Services can include things like domestic assistance, personal care, respite care, transport, shopping and meals on wheels.

How Can Aged Care Financial Advisers Help You?

Aged care financial advisers can help you and your family in many ways.

1. Assess Your Financial Situation

The first step that a financial adviser will take is to assess your current financial situation. This will help them understand what your needs and goals are. They will then be able to recommend the best options for you based on your specific circumstances.

2. Help You Navigate the Aged Care System

The aged care system can be complex and confusing. A financial adviser can help you navigate the system and find the best option for your loved one’s care. They can also provide support and guidance throughout the process.

3. Assist With Estate Planning

Estate planning is an important part of preparing for the future. A financial adviser can assist you with estate planning by providing advice on how to best structure your assets. They can also help you minimise tax liability and maximise government benefits.

4. Keep or Sell the Family Home?

Deciding what you should do with the family home (i.e. sell, downsize, rent) can be a complex and emotional decision. A financial adviser can outline the pros of cons of each choice to help you confidently make the right decision for you.

5. Help You Maximise the Government Benefits Available

The Australian Government offers a range of benefits and subsidies for senior citizens. A financial adviser can help you maximise the government benefits available to you. Learn more here.

Aged Care Financial Advice is Essential for Seniors!

Aged care financial advisers can play a vital role in helping you and your family navigate the aged care system. They can help assess your financial situation, assist with estate planning, provide advice on aged care insurance, and help you maximise the government benefits available.

Newcastle Financial Planning Group provides specialist aged care advice to help you make the right financial decisions for a future of comfort, peace of mind, and happiness. Call us or book online to secure your first appointment with us today and get started!