How do I begin planning for Aged Care?
When planning your finances for aged care, there are many aspects to consider, including:
Pensions
Superannuation
Retirement Planning
What to do with the family home.
It’s beneficial to seek independent financial advice before deciding how to pay for your aged care. Two in five Australians making care arrangements for parents spent less than a month exploring options and in a quarter of cases they wish they could change their decision.
What kinds of Aged Care services are available?
There are two types of Aged Care.
Home Care is becoming more prominent, where someone may like to remain in their home and access in home support. An ACAT assessment is needed in this case to help determine what level of care may be required. The government provides a subsidy to assist with home care needs but this is means tested and therefore dependant on your financial circumstances as well as need.
Residential Care is where you enter an Aged care facility. There are several fees applied in this case:
An Accommodation Deposit, which might be in the form of a lump sum or a daily equivalent. This is set by the facility.
A basic daily fee which is set at 85% of the Age Pension rate and is currently $56.87 per day.
A means tested care fee which is determined by Centrelink/My Aged Care department and relates to your personal financial circumstances
Extra Services Fee that most facilities will charge for add-ons available.
Finding an Aged Care provider, whether it be for home care or residential care, is also a key decision for clients and their family to make. At JKLM Wealth Group we understand the trust you are placing in us when we provide Aged Care Advice. We take an empathetic approach to guide you through the options available to find an appropriate solution for clients and their families.