Understanding Aged Care Finances: Do you need Aged Care Financial Advice?

By on the Friday, November 15, 2013

Placing someone in aged care is a landmine of financial decisions, strange acronyms and unfamiliar information which can be confusing (especially when decisions need to be made quickly).Whether you need a financial planner or not depends on individual circumstances, but you may be thinking of using a financial planner when moving into residential aged care if you need guidance on issues such as daily care fees for residential aged care, whether you should sell the family home or rent it out and many other financial factors.

 

At Aged Care Online we have our own Aged Care Financial Guide to give you an idea of the costs associated with aged care and as an explanation through aged care jargon (e.g. accommodation bonds, daily care fees, home care pricing structures).

Once you have a basic understanding of aged care costs and the terminology associated with it, you may feel the need to seek out an aged care financial planner. Aged Care Online’s sister site ipac help client’s make decisions on how to handle

  • Daily care fees and how to fund them in residential aged care (i.e. nursing homes)
  • Whether you should sell the family home or rent it out
  • How to achieve an optimal mix between bond, daily care fees and income-tested fees
  • How the above can effect Centrelink pension benefits
  • Options you have to fund accommodation bonds
  • Making sure your money lasts
  • Cash flow

 

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