Wealth Connexion’s financial advisors in Brisbane discuss whether you need financial advice before seeking aged care.
Australia’s aged care system has undergone some major changes recently, so you may be wondering whether it’s worthwhile seeking out financial advice as you enter this stage in your life. Below are some factors that make seeking aged care financial advice worthwhile in the long run.
Understand Your Options
As of June 2020, 102,081 people were waiting for an aged care package at their approved level. Seeking aged care financial advice can help you better understand what options are available to you and weigh up the financial pros and cons of these different options. While seeking options, a financial advisor can also help you to minimise your aged care facility fees, outline different strategies for funding your accommodation, and plan for any tax implications.
Maximise Your Entitlements
By seeking professional financial aged care advice, you will be able to get the most out of your entitlements. You could be eligible for various subsidies or other financial assistance, and a financial advisor will be able to help you access as many of these opportunities as possible. This includes Home Care Package subsidies provided by the Federal Government.
Manage Your Assets
Organising your finances as you plan to enter aged care can be confusing – especially when you have numerous assets thrown in the mix. Owning assets can also affect your eligibility for government-funded aged care options. Seeking financial advice can help you decide how you should manage your assets when entering aged care.
Creating a Long-Term Financial Plan
Seeking financial advice before entering aged care gives you the ability to create a structured, professionally thought-out plan for your finances. A professional financial advisor will also be able to tailor your plan to your current financial situation, and your wishes moving into the future.
If you’re unsure about the future of your finances as you consider entering aged care, seeking professional advice can be very beneficial. Finance for aged care is a specialised field for financial advisors, which is where Wealth Connexion can help. We have financial advisors in Brisbane and beyond that will be able to provide the professional support and relevant advice needed to come up with a financial strategy that secures your aged care financial future.
