YOUR FINANCIAL JOURNEY
Aged Care Financial Tips & Advice.
Planning for Aged Care
How do I fund aged care for my parents and possibly myself?
With my parents likely needing aged care and considering our family medical history, I may also require aged care in the future. How can I ensure financial support for them and myself in the years ahead?
A meeting with our advisers has identified key considerations:
- Understanding Costs: What are the costs involved in aged care?
- Centrelink Benefits: Are there any Centrelink benefits available to my family?
- Fee Components: Understanding the different components of charges, including means-tested fees.
- Funding Options: How to meet these costs given my current asset base, and what are the likely funding options?
- Reduced Capacity Planning: What plans can be put in place if I can’t make financial decisions due to reduced capacity?
- Financial Health Assessment: How do my finances look relative to my needs?
Following our meeting, we have clarified:
- The fees and charges associated with aged care.
- Payment options for various fees and charges.
- Current Centrelink rules and entitlements.
- Confidence in legally appointing a person to make decisions on your behalf should you become incapacitated.
- Your ability to fund aged care when needed.
Our team provides confidence that future planning and understanding of financial needs and support options can ensure peace of mind for retirement and any aged care needs within the family.
Organizing Aged Care Funding: I need to organize aged care funding for one of my parents.
How do I fund aged care for a parent, and what support is available for my family? A meeting with Locumsgroup will clarify:
- Retaining the Family Home: Does the family home need to be sold to fund aged care? What are the alternatives?
- Understanding Costs: What exactly are the costs involved?
- Centrelink Assistance: Is Centrelink assistance available, and how do I understand the financial tests for this?
- Future Planning: What if both parents require aged care in the future?
- Aged Care Bonds: What is a bond, does it get returned, and can we afford it?
After a detailed discussion, we have provided clarity on:
- The option of retaining the family home versus downsizing.
- The fundamentals of aged care costs and how they relate to your financial position.
- How Centrelink entitlements are assessed and how Means Tested Fees are applied and calculated.
- Understanding aged care bonds, including payment plans and usage.
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Clarity on funding a parent's lifestyle through to life expectancy and the ongoing costs of aged care.
By working with Locumsgroup, you can gain peace of mind knowing that you have a comprehensive plan to manage the financial aspects of aged care for your loved ones.
