How can I prepare for Aged Care?
Do you have enough money saved for a comfortable long-term retirement?
When the time comes for Aged Care, will you be able to pay bills related to healthcare, housing, and daily living?
Newcastle Financial Planning Group can make difficult financial choices about aged care.
We provide expert advice on understanding the financial impact of moving into aged care and offer expertise and methods for creating a solid financial future for elder care.
Maximise Government Assistance
The elderly may not be aware of government assistance available to them, leaving them to bear the full cost of aged care. Our financial advisers can help maximise government assistance by ensuring eligibility and access to subsidies, supplements, concessions, and programs.
Calculate Residential Aged Care Costs
When a person goes into residential aged care, the government’s key question is how much that person can contribute to the cost. Residential aged care costs are determined by a means-tested fee, which considers assets and income. Our financial advisers help calculate the means-tested fee and provide cost management strategies.
Keep Assets Safe & Secure
Those advanced in years may be vulnerable to financial abuse or unscrupulous individuals. We help by ensuring that their assets are safe and secure, providing advice on appropriate investments, and discussing the risks associated with different financial products.
Ensure Assets Benefit Ongoing Care
Senior citizens need to ensure their assets benefit their ongoing care and comfort. We help by advising how to use assets to fund aged care costs and keep them out of debt traps; this might include discussing the perils of plastic money and the difference between debit and credit cards.
Ease the Transition into Aged Care with Expert Guidance
Transitioning into aged care can be daunting, but it doesn’t have to be. To make this transition stress-free and empowering, you must first understand the options and how to navigate the process.
Our financial advisers can help you transition into Aged Care through:
- Assist in structuring investments for long-term income, capital security, and tax efficiency, while also providing guidance on funding options and suitable care environments
- Help you maximise Centrelink entitlements and ensure that you receive the financial support you deserve during this transition
- Review your Estate Planning arrangements, ensuring that your assets are protected and distributed according to your wishes
- Guide you through the complexities of government schemes such as the Age Pension, and help access any available subsidies
Aged Care Advice Benefits
Enjoy the Benefits of Personal Financial Advice from Newcastle Financial Group.
Tailored Solutions
We’ll work with you to create a personalised aged care plan that meets your unique needs. We’ll guide you through aged care and ensure you receive the best possible care.
Financial Security
We’ll help you maximise your financial resources to pay for aged care services. Our advisers can help you avoid financial strain and ensure that you have a secure financial future.
Reduced Stress
Our team will handle the details and provide the support you need to make informed decisions. We’ll help you reduce stress and focus on your loved one’s care.
Expert Guidance
Our team of seasoned experts will guide you to make informed decisions about your loved one’s care. We’ll explain your options and ensure that you make the best possible choices.
Ongoing Support
We’ll be there every step of the way, helping you through any changes in the aged care system to ensure your loved one’s care is the best it can be.
Take advantage of expert guidance and comprehensive support in aged care financial planning.
Newcastle Financial Planning Group offers comprehensive services for aged care with a fresh approach to aged care financial planning. We empower individuals to make personalised decisions aligning with their lifestyle choices and preferences in aged care.
Our team of experienced professionals provides expert advice and support throughout the aged care process, considering all aspects, including legal needs, sources of income, expenses, assets, human resources, insurance coverage, and health care.
We help clients understand elder care financial planning and make educated choices for their future.
If you or a loved one are considering aged care, we are here for you.
FAQ
Frequently Asked Questions About Aged Care in Australia
What is the process for accessing government-subsidised aged care services?
To access government-subsidised aged care services, register with My Aged Care and complete an application form either online or by calling My Aged Care on 1800 200 422. You will then need to complete an income and assets test and be approved to receive your support plan and referral code.
How are aged care fees determined?
The Basic Daily Care Fee is set by the government and is not negotiable. The Means-tested Care Fee is determined by your assessed financial situation and is not negotiable. Accommodation costs and additional/extra fees can be negotiated with your chosen facility.
What is the process for transitioning into permanent care?
Transitioning into permanent care involves ACAT assessment, provider selection, and care transfer, requiring planning, family involvement, and healthcare professionals’ involvement. Selecting an aged care provider involves considering factors like location, reputation, care quality, staff qualifications, and cost, as well as visiting the facility and talking to staff and residents.
What is the income and assets test?
The income and assets test is completed by Services Australia or the Department of Veterans’ Affairs (DVA) to determine whether you need to pay a Means-tested Care Fee and whether the Government will contribute to your accommodation costs.
Can I avoid paying for aged care by giving away my assets or money?
Giving away assets to avoid care fees is not allowed under aged care means testing rules, as it may be considered a deprivation of assets. In Australia, there is no specific savings threshold for aged care, but savings are considered part of an individual’s overall assets.
How can I access government benefits in retirement?
As a retiree, you could be entitled for government benefits such as Age Pension, Concession Cards, Government Loans, and Health care benefits. It is best to get professional advice from a licensed financial adviser to help you navigate the government benefits available to you.
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