Aged care costs can be difficult to understand and navigate if you’re new to the entire experience and can cause a lot of unnecessary for yourself and your loved ones when you’re moving into aged care. An aged care financial advisor can help you make the best financial decisions and help you understand the consequences of each decision before you make it.
What does a financial advisor do?
A financial advisor’s main goal is to aid you in making financial decisions and planning for the future. This includes budgeting and investing advice, retirement and estate planning, and super, insurance and taxation advice.
When you decide to move into aged care, there are some financial challenges you may face such as:
- Accommodation payment
- Financial modelling of care options
- Maximising financial pensions
- Nursing home fees
- Negotiations with aged care facilities
- Planning for tax implications
A financial advisor can give you the best aged care financial advice to help you make the best decision based on your situation.
What should you ask when looking for a financial advisor?
It’s important to understand that not all financial advisors can provide you with the advice that you need. If you’re looking for specific advice such as aged care financial advice, you should ask a few questions:
- What licenses/certifications/credentials do they have?
- What type of advice do they offer you (e.g. General or personal financial advice)?
- How much experience do they have?
- How much do they cost?
- Do they allow you to trial their advice?
- Will they provide their advice in writing?
- Will they provide their advice in Layman’s Terms?
- Will they explain any jargon to you?
- Will they deal with the Department of Veterans’ Affairs or Centrelink on your behalf?
These are just a couple of the questions that will help you understand if a financial advisor is the best fit for your needs.
It’s also important to be honest about your spending, earnings, and assets so that your financial advisor can provide you with the best advice possible.
How much does a financial advisor cost?
How much a financial advisor costs depends on the provider, but if you’re experiencing financial hardships and have a limited income you may be eligible for free financial counselling. Financial Counselling Australia or National Debt Helpline are two reputable organisations to reach out to.
Contact Wealth Connexion Today
At Wealth Connexion, we provide expert aged care financial advice to help you or your loved one make a smooth transition into aged care. Please contact us to arrange an aged care advice appointment which includes an initial 1-2 hour discussion, completion of an aged care questionnaire to understand your circumstances, and capturing written authorities and fact-finding pertinent to your situation and what aged care solution you’re after.