Phone:02 8814 7307

Aged Care Finance: Best Way To Go Financially

Aged Care Finance: Best Way To Go Financially

When it comes to entering aged care or putting your loved ones into aged care, you'll find your situation is different from other situations you may have heard. This is mostly because we all have different views, differing expectations, & want different outcomes. These differing situations means that we are all faced with different aged care finance options. With this in mind there is no one best way to arrange the financial affairs of a person entering aged care. The best outcome for you will be determined by a number of factors. These factors include:

aged care pension

 

  • The financial situation of the person entering care
  • The type of facility which they wish to enter in or the care they need
  • The costs of that particular facility
  • The outcome you require and finally;
  • Structuring the financial affairs to get the best outcome

Age Care can be very convoluted. It's important to ensure you do not listen to all the misinformation that exists. Be sure you understand the facts & HOW they apply in your case. It WILL be different for everyone. It is best NOT to assume what worked for someone else will be the best outcome for you. Simply because, their financial situation is likely to be different & your objectives are also likely to be quite different.

HOW TO GET THE BEST OUTCOME FINANCIALLY

What you need to do to get the best outcome from your aged care finance options is;

  • Gain an understand of the ins and outs of aged care and aged care facilities.
  • Determine the type of facility being entered which will often depend upon the type of care that is required. The different facilities could be a Hostel, Nursing Home or Extra Service Facility.
  • Be sure you understand the desired outcome. What do you require;
    • Do you need the lowest aged care costs?
    • Are you looking to maximize the Pension entitlement?
    • Would you like to enter a particular facility that suits the family's purposes? (which might NOT be the cheapest)
    • Are you looking for the option with the optimal outcome? (ie one that ticks all the boxes, BUT where you are not wasting money)
    • Would you like to maximize the inheritance?
  • You will also need to model the outcome of each available option.
    Calculate the outcome of various options to determine the;
    • Aged Care Fees applicable
    • The Pension entitlement if any (from Centrelink or DVA)
    • The cash flow (affordability) ie the income versus the expenditures (need to take into account all other costs not just the aged care fees, ie property costs (if the home is being retained, medical expenses, hairdressing, toiletries, outings etc)
    • The impact of each option on the future value of the assets (which is the inheritance factor)
    • Understand the tax implications

retirement how much do i need

The outcome of each calculation will then give you a clear picture of which IS the best way to go.

This is where we, at Balance Financial Solutions, can help you. We will spend time in an appointment explaining this, which tends to be a very complicated subject, in a way that you can understand. We work with you to help you understand HOW it will work for you and then calculate out the aged care finance options available to you, so you can see first hand exactly which is, the best way to go.

By the end of an appointment with us you will;

  • Understand how aged care works
  • Understand the fees that will apply in your case
  • See the options available to you
  • Be able to determine the affordability of each option and the impact on the estate
  • Be able to make an informed decision that suits you & your family

Because we understand aged care, and Centrelink rules and DVA rules, as well as know many of the aged care facilities, we can apply this knowledge to your situation & help you to find the "best way to fund aged care"

Why not call us for an appointment to discuss your aged care finance options? We can come to you, if you are in the Sydney metropolitan area Phone (02)8814 7307


 
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