Understanding Aged Care

Article posted:Mar 24, 2013

Category: Aged care financial planning

Do I Need an Aged Care Financial Advisor?

Working with a financial planner who specialises in aged care can be beneficial if you are finding the financial side of residential aged care confusing or overwhelming. An aged care financial planner may be particularly useful for things such as:

Understanding All the Costs Involved in Residential Aged Care

Aged Care costs money, and how much money you will pay will depend on a variety of factors. In aged care, you many need to pay a variety of different fees depending on the sort of aged care services you are looking for.

Possible fees include:

  • Daily Care Fees
  • Refundable Accommodation Deposit (RAD) or Daily Accommodation Payment (DAP)
  • Bonds
  • Extra Service Fees
  • Residential Cash Flow needed per annum
  • Accommodation Fee
  • Income Tested Fee
  • Retention Amount

An aged care financial advisor will help you understand these fees and how much they will cost.

How to Fund the Costs

An aged care financial planner can also help you figure out how to fund the necessary costs of aged care.

If you are struggling over whether you should sell the family home or not, whether your loved one will have enough cash flow for day to day expenses, or help organising an estate than a financial planner may be useful.

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Do you need help finding aged care?

My CarePath can provide you with a complete end to end consultancy service to assist you in navigating the complexities of residential aged care & home care packages. Our consultants are ready to help - call or email today for a friendly, no-obligation chat! 

Call 1300 755 702 or Email Us


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