Wealth Connexions tells you what questions you need to ask when moving into aged care.
At Wealth Connexions, we understand that everyone’s financial situation is completely different. While some general financial advice may help some, it may not help others, so it’s important to cover a wide range of topics – especially if you or your loved ones are planning to enter aged care. In this article, we’ll break down some important points about planning for aged care, including aged care financial advice.
Aged Care Options
There are two aged care options that depend on the level of care that is required, so it’s important to ask yourself which level of care you or your loved one may require. The first option is hostels, which provide daily assistance to you, or your loved one’s needs, whether they need help with meals, doing the laundry, cleaning their living space, or receiving treatments. The second option is nursing homes, which are for patients who require full-time intensive care.
As each aged care option offers different services, each also manages and calculates the fees attached to aged care living very differently. Hostels, for example, require an up-front bond plus an annual deduction of the bond amount. Nursing homes, however, do not require a bond but will charge their entry fee in a daily amount. Both aged care options charge a daily fee, though this can be negotiated with the aged care facility on the frequency of payment.
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Ensuring You Can Afford It
The easiest way to ensure you can afford the fees of aged care is to seek aged care financial advice from a financial advisor. They will be able to support you and plan for your movement into aged care, whether that’s now or in the future. If, however, you’d just like to weigh your options, there are plenty of ways you can do this to ensure you’re covered. The most popular option for Australian’s considering aged care is to sell or rent out their current residential property. While this is a good option to manage the fees of aged care living, it’s important you do your research beforehand, as after you breach a certain limit, you may not be eligible for some government support funding that could support your move into aged care. While this is still a good option, it’s a decision that must be carefully weighed on your individual circumstances before you decide on what to do.
Like what you’re doing now, it’s so incredibly important to do your research and be thorough. Unfortunately, it’s quite common for Australians to do what they feel is right before seeking advice, which can cause some massive headaches in the future and could negatively impact your finances. No one wants to take a step backwards, especially when they’re considering aged care.
Receiving Personalised Advice
If planning for aged care sounds too confusing or you’re worried about your current finances, your best option would be to seek the support of a financial advisor. Financial advisors will be able to steer you in the right direction, while meeting your goals, no matter how specific they may be. Your best interest is always at heart, which is why seeking professional financial advice may be a good option for you. If you’re still not convinced, financial advisors are legally required to leave you in a better position than you were before.
At Wealth Connexions, our qualified experts will do everything in their power to ensure you receive the best-aged care financial advice and support. Our Brisbane-based company want to see you succeed. Our advisors are more than happy to educate you on any aged care or financial related topics that you may be confused about or particularly lost in. You never know, our advice might even allow you to support your friends who may be struggling with aged care fees as well.
If you’d like to receive professional and personalised advice that will benefit you and give you peace of mind, please contact Wealth Connexions today on 07 3891 5666 or email us at admin@wealthconnexion.com.au. We look forward to supporting you on your aged care journey.
