Aged Care

• How much will it cost for Aged Care?
• Which is the most economical way to fund Aged Care?
• Can we save money in Aged Care?
• One of our clients Dorothy saved $42,000 p.a. - find out how.
• Mary lost her pension. Balance Financial Solutions
  got it back and saved her a great deal of money.
• What about the Aged Care 2014 changes?

How do we help you?

During the first appointment

• We determine the elderly resident's financial situation
• We explain how aged care fees work
• We explain how the home is treated by Centrelink, DVA and the Department of Health and Ageing
• We explore what options are available
• We calculate the outcome of your preferred option
• We then show how you might be able to save money

If there is a need for subsequent appointments, we can help you:

• Complete the forms
• Possibly negotiate a better deal with the Aged Care facility
• Invest your funds to maximise pension and minimise Aged Care fees and minimise tax

Call us to book an appointment on (02)8814 7307 with one of our specialist Aged Care Financial Planners.

You may be pleasantly surprised how we can improve your situation too.

More about Aged Care

There comes a time in most people's lives that we need to look into some aged care options for our parents. Whether you find your parents health deteriorating or perhaps they can't care for themselves at home any longer. It's always a difficult time for the parent who needs to go into aged care. In NSW there are many wonderful retirement homes, hostels and nursing homes. The staff that work in the aged care industry are truly amazing people. They work hard to provide care to our loved ones and give them meaning towards the end of their lives whilst in aged care. Sydney has many hundreds of aged care facilities.

If you are searching for aged care online you will see many great facilities. Click here for a list to help you get started.

However, it is the question of finances that gets people the most anxious and confused. It is the adult children who usually have to make difficult decisions about how and where to place their loved one into aged care. In Australia we have a healthy but complex system of providing for people in their retirement. We need to be able to navigate three systems in order to understand how our parents' finances will work...

1. The Australian Taxation Office
2. Centrelink
3. The Facility itself

There have been many aged care changes over the years, with one of the major changes occurring to aged care 1st July 2014.

Aged Care 2014 Changes

Aged Care changes came into effect on July 1st 2014. If you are looking for Aged Care in Sydney or Canberra you will need help to understand these changes. A new means test in residential care to determine a person’s fair contribution to their care and accommodation is just one of the changes that has taken effect.

While the changes are designed to give senior Australians more choice, more control, and more of the services they might need to stay in their own home for longer, according to Eric Hiam, there is no doubt Aussies will be paying more for aged care. NSW residents already pay the most for property, they may also need to pay the most of aged care accommodation.

The major changes to the system revolve around the residents assets which are now being included in Centrelink's assessment. From July 1, 2014:

• The distinguishment between low care and high is no longer applicable. Both categories are now calculated the same way.
• There will still be the separate cost of accommodation and care however, there will no longer be an accommodation charge for nursing homes.
• Instead you will pay a RAD (Refundable Accommodation Deposit) which is basically the same as a lump sum bond.
• The RAD is fully refundable and government guaranteed and will be reimbursed to you within 14 days of leaving the facility or will be returned to your family if you die.
• The RAD, like before, can be paid as a lump sum (bond), periodical payment or combination of the two.
• You will now pay a DAP (Daily Accommodation Price) which is exactly the same as the previous Basic Daily Care Fee of $46.50 for care.
• You can opt to pay your DAP out of your RAD (bond).
• The Income Tested Fee is gone and replaced with the Means Tested Fee which now takes into consideration your Income AND assets.
• There will still be a chance for people with low assets and income to pay less of the accommodation cost. However this will be done through a reduced/government supplemented bond. This means that if you can’t pay the bond the Aged Care Facility is asking, they do have permission to turn you away.
• There will still be an extra service fee. It is now also available in ALL Aged Care facilities and you can choose to opt in and opt out as you please.

3 levels of Government Support

Fully Supported Resident - If you have assets of less than $46,500 and an income of less than $25,711 you won’t have an accommodation payment at all.

Partially Supported Resident- If your assets are $159,423 and income is less than $65,353 you will have a reduced accommodation payment but the facility doesn’t have to take you.
Unsupported Resident- If your assets are above $159,423 and income greater than $65,343 you will have to pay the full accommodation payment and some of this payment may go towards helping others.

Contact us at Balance Financial Solutions

You don't need to navigate this alone!

Call us to book an appointment on (02)8814 7307 with one of our specialist Aged Care Financial Planners or Contact Us here.