Wealth Connexion explores three key questions you should be asking your financial advisor before entering into aged care.
During the process of entering into aged care, you may have several questions when it comes to meeting your financial needs. At Wealth Connexion, our aged care financial advisors can assist you in navigating this process by answering these questions and devising a financial plan that caters to your needs. Continue reading this blog to learn the three key questions that you should be asking your financial advisor before transitioning into aged care.
Will my financial plan accommodate my care needs?
Entering aged care can have significant financial implications, so it’s essential to understand whether your current financial plan will meet your anticipated care needs and what strategies you may need to implement to accommodate for any unexpected health issues.
Consulting with aged care financial advisors about your financial plan will alleviate some of the stress involved in the transition and will help you gauge what your accommodation fees and healthcare costs might look like. A financial advisor can curate a financial plan tailored to your needs or modify your existing plan to ensure that you have the resources to cover your aged care costs and maintain long-term financial security.
For more information on strategies to fund your aged care costs read our blog on the Top Strategies to Help Fund Aged Care Costs.
How can I optimise my assets and income while in aged care?
A key approach that may be recommended by your financial advisor to meet your care needs financially is to optimise your assets and income. Aged care financial advisors, such as those at Wealth Connexion, can provide you with guidance on how you can maximise your financial resources to cover your aged care costs.
Strategies to achieve this can include downsizing your property, exploring investment options to provide steady income streams or selling any superfluous assets. Your financial advisor can help you identify the strategies that are best suited to you and ensure that your financial resources are being used efficiently.
Am I eligible for any government subsidies?
The government has several subsidies and supplements that you may be eligible for to help alleviate the financial burden of aged care. Aged care financial advisors can help you determine your eligibility for these benefits as well as assist you in navigating the application process.
By asking your financial advisor these critical questions, you can gain clarity on your financial situation and make informed decisions about entering aged care. With the right guidance and planning, you can ensure that your financial affairs are in order and enjoy peace of mind as you transition into this new chapter of your life.
