Aged Care Financial Advice: Future-Proof Your Retirement

aged care financial advice

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As people age, the need for aged care services becomes more imminent. Often, families are faced with the challenge of navigating the complex financial landscape of aged care. This is where aged care financial advice becomes crucial.

How will they afford it?

Will they be taken care of the way they deserve? Are most questions asked? 

Aged care financial advice involves assessing an individual’s financial situation and providing tailored guidance on how to best manage their assets and income to cover the costs of aged care services. This may include advice on selling or downsizing properties, managing investments, superannuation, and understanding the implications of different payment options for care services.

To help you make the right decision, Auspire Care offers compassionate and informative counselling tailored to your or your family’s unique needs. Our dedicated team is here to provide clarity and support in making informed decisions. Don’t let worry weigh you down—contact us today!

In this article, we will explore the importance of aged-care financial advice and how it can benefit families and individuals as they plan for their in-home aged-care needs.

Aged Care Financial Advice in Melbourne

Aged Care Financial Advice, operating as an incorporated legal practice, provides a distinctive service that combines financial and legal advice. This comprehensive offering empowers individuals to make the right financial decisions regarding elder options, retirement villages, and aged care.

The specialised service involves evaluating an individual’s financial situation and offering personalised guidance on managing assets and income to meet the costs of aged care services. It ensures that the individual receiving aged care services is able to access the best possible care without compromising their financial security.

According to the Australian Institute of Health and Welfare, as of June 2022, 185,000 individuals aged 65 and over were using these services in residential aged care, with 178,000 in permanent residential care. It emphasises the importance of thorough financial planning, especially considering that 92% of those in permanent residential care had at least one Medicare Benefits Scheme claim for a GP visit (AIHW 2020).

Why is Financial Planning Important?

Aged Care Advice covers a range of important aspects related to planning and moving into aged care facilities. Some key areas that aged care advice may cover include:

  1. Aged care financial planning is essential for setting and achieving financial goals, whether it’s buying a home, saving for retirement, or funding education.
  2. It aids individuals and families in effective wealth management, ensuring they live within their means and clearly understand their financial situation.
  3. It includes risk management strategies such as insurance coverage and emergency funds to protect against unexpected events and minimise financial setbacks.
  4. It involves making informed investment decisions based on individual risk tolerance, time horizon, and financial goals, aiming to maximise returns while managing risk.
  5. Financial planning encompasses tax, retirement, and estate planning, ensuring individuals are prepared for future financial needs and have a plan for their estate and legacy.

What happens if the elderly or individuals run out of money in Australia?

If elderly individuals find themselves without sufficient financial resources in Australia, they will be eligible for government support through programs such as the Aged Pension or the Commonwealth Home Support Programme (CHSP) or different types of home care packages. Communicate with your aged care providers to explore available options, including discussing financial hardship provisions.

Also Read: Cost of Home Care Packages in Melbourne.

Planning for aged care? Seeking guidance to navigate the complexities of the aged care journey? Contact us.

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What does Aged Care Advice Cover?

Examining your unique situation, your aged care financial adviser will lead you through every aspect of financial management for aged care, including:

  • Fee Structures and Affordability of Care: Understanding and navigating the fee structures associated with aged care, ensuring affordability and transparency.
  • Correct Structuring of Your Assets and Income: Providing guidance on organising assets and income to support the financial requirements of aged care.
  • Maximising Your Centrelink/Department of Veteran Affairs (DVA) Pension Entitlement: Offering strategies to optimise entitlements from Centrelink/DVA pensions, ensuring individuals receive the maximum support available.
  • Reducing the Ongoing Cost of Aged Care: Develop strategies to minimise ongoing costs associated with aged care, making the financial matters more manageable.
  • Decisions Around Keeping or Selling the Family Home: Assisting in decisions regarding the family home, including considerations of whether to keep or sell it to fund aged care expenses.
  • Intergenerational Wealth Transfer: Providing advice on the transfer of wealth between generations, ensuring a smooth and strategic transition of assets.
  • Healthcare Decision-Making: Assisting in healthcare-related decisions, including choices for medical care, understanding healthcare plans, and ensuring that the individual’s health needs are adequately addressed within the plan.
  • Tax Planning: Addressing tax implications related to aged care decisions and exploring strategies to minimise tax burdens while optimising financial outcomes.

Gain clarity and ensure a well-prepared and secure future for your ageing needs. Call us Now!

Key Questions and Considerations for Families

Understanding aged care can be complex and stressful, especially in urgent situations. Often, it’s the family members, not the individuals in need of care, who seek guidance. Consider the following questions when searching for an aged care specialist.

  • Which aged care choices are available?
  • What possible expenses are involved?
  • What other options are there to pay the Accommodation Payment?
  • Should I keep the family house, sell it, or rent it out?
  • How will my decisions affect my entitlements to social security?
  • Will my financial flow be enough to cover the costs of elder care?
  • Is it possible to lower overall expenses?
  • Will the decisions I make impact my estate planning?

Embrace Peace of Mind in Aged Care Transitions

As the costs of aged care continue to rise, embracing professional financial advice becomes a beacon of clarity for families navigating the intricate path of transition. Beyond mere guidance, it serves as a source of assurance, lifting the burden of financial uncertainty. The ultimate objective is to secure unparalleled care for individuals without compromising their financial stability.

At Auspire Care, we offer personalised and unique services for those seeking assistance with aged care. Our dedicated team is well-equipped to provide valuable information and advice regarding government funding and services, including Home Care packages and Commonwealth support, tailored to meet individual needs. Contact us today and future-proof your retirement.

Frequently Asked Questions

What is Centrelink? and what are its benefits?

Centrelink is an Australian government agency that provides a range of financial guidance and support services to eligible individuals and families. Centrelink benefits include various payments and services designed to assist with circumstances such as unemployment, disability, low income, retirement planning, and family support. It plays a crucial role in assisting Australians facing various life circumstances with essential financial aid.

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How can I access free legal advice if I’m facing debt and legal issues?

If you find yourself in debt and unable to afford a private solicitor, there are avenues for free legal advice and support. Community legal centres and Legal Aid agencies provide assistance, helping individuals navigate legal problems without the financial burden. You can explore more details on accessing free legal advice on the MoneySmart website.

Should I disclose my financial situation while entering an aged care facility?

Disclosing financial information when entering aged care is generally recommended as it helps facilities assess your financial situation and determine the appropriate level of care and support. Full disclosure enables accurate wealth planning, ensuring you receive the right services without unexpected costs. It also assists in exploring potential government subsidies and financial assistance available for aged care, contributing to a more transparent and well-informed decision-making process.

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