Do you need or will you soon need to support a loved one into Aged Care? We can support you.
As with many of today’s financial decisions, the Aged Care system is mind-blowingly complex and confusing. At what can be an emotional time your family needs to undertake research, make long lasting decisions and attend to significant, irreversible transactions.
The first step in the process to entry into a Government Funded Aged Care placement is family or family doctor referral for an Aged Care Assessment (Aged Care Client Record-ACCR). In that ACCR The Aged Care Assessment Team (ACAT) will take into account many factors to determine the level of care you or your loved one requires.
Home based support can be recommended via a Community Aged Care Package or Extended Aged Care at Home (EACH) Packages. Entry to an Aged Care facility can be on a Respite (temporary) or Residential (permanent) basis.
Those recommended for Residential Care will be assessed as suitable for a Low Care Facility or a High Care Facility, with those recommended for High Care having the option of a High Care Extra Services position (where available).
Engaging a Professional at this point can ensure a financially superior outcome and allow you to focus on the emotional rollercoaster that is generally being experienced at this time.
It is recommended that potential residents review a number of facilities with places available at the required care level before deciding on which is most suitable. Some Professionals can locate available places in your preferred area.
Depending on the level of care required and the financial circumstances of the resident, there are different fees which can be charged. Accommodation Bonds, Daily Care Fees and Income Tested Fees may be payable in Low Care whereas Accommodation Charges, Daily Care Fees and Income Tested Fees may be payable in High Care.
Some of these costs are negotiable with the Aged Care facility and some Fees depend on how finances are arranged at the time of assessment. It is therefore critical to ensure that all variables including Centrelink, your ongoing income requirements, the family home, investments and desired inheritances are strategically considered to meet your long term objectives before negotiations or transactions are made.
Again, many decisions are irreversible.
Our vision at Newcastle Financial Planning is to inspire and support change in people’s lives with a commitment to open and honest relationships that lead to the creation and protection of wealth. We would be pleased to support your transition to Aged Care.
This article provides general information only. Before making any financial or investment decisions, we recommend you consult a financial planner to take into account your particular investment objectives, financial situation and individual needs. AXA FP and it’s Authorised Representatives do not accept any liability for any errors or omissions of information supplied.
Author: Anthony Pereira
Authorised Representative of
AXA Financial Planning Limited
AFSL Number 234663