Aegis Financial Planning
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Aged Care

 

Aged Care

 
 

“Having faith and trust in a company or an individual to manage one’s assets is not something lightly given but I can say with all honesty that I have that trust in Luke and all at Aegis.”

- kerry b, QLD

How we can help:

Downsizing

Retirees in their senior years often look to simplify their living arrangements and seek a home that better suits their lifestyle needs. Conversations around downsizing occur when retirees need to access some of the equity in their home, when they no longer need a big house for a growing family and prefer a place that is easier to maintain or if they wish to live with a like-minded community and social group. However, as the family home is often a significant asset, downsizing should be approached very carefully. We help our clients navigate these decisions to understand the financial implications, avoid mistakes and traps and take advantage of available strategies. Areas that we provide advice in include:

·         Lifestyle Villages and Retirement Villages

·         Centrelink treatment of the family home

·         Downsizer super contribution strategies

Receiving care at home

Most elders in Australia first receive personal care and support while still living at home. This be from a spouse, family member or through an organisation. We help our clients understand what support programs are available through the government, the costs involved and how these changes can affect their retirement plans. Strategies and programs that we help our clients with include:

·         Granny flat arrangements

·         Commonwealth Home Support Programme

·         Home Care Packages

·         Carer Allowance and Carer Payment through Centrelink

Residential aged care

Moving into a nursing home or residential aged care facility carries the most complexity when it comes to aged care planning. There are many factors that families need to consider such as the fees for aged care, Centrelink benefits, investment considerations, estate planning and whether to sell the family home. We help our clients minimise their aged care costs, maximise their Centrelink benefits and to make the process of entering aged care as simple and stress-free as possible.

Frequently asked questions:

  • Clients must receive an ACAT (Aged Care Assessment Team) assessment before a home care agreement can be entered into. Your doctor may refer you to an ACAT team or you can apply through the Government’s aged care website. After this step you enter a national queue before a home care package is assigned.

  • Similar to home care packages, an ACAT (Aged Care Assessment Team) assessment is required first. Your doctor may refer you to an ACAT team or you can apply through the Government’s aged care website. When this step is completed, clients or their families can apply for a placement directly with the aged care facility. You may wish to engage the services of a placement agent to help understand what services are available that meet your specific needs and preferences.

  • The kinds of fees and the amounts payable can vary quite a lot depending on your personal and financial circumstances. Most residents will be required to pay a basic daily care fee, a means tested fee and an accommodation fee which is payable either as a lump sum or a daily fee or a combination of the two. Some facilities will also charge for additional services such as food and drinks, entertainment, or other luxuries.

  • The family home can be counted for aged care means testing, depending on who remains living in the home, whether it is rented out or sold. If you are receiving the age pension, Centrelink will apply a separate assessment to the home when calculating your benefits.

  • Much of the aged care system is subsidised in whole or part by the Government including the Commonwealth Home Support Program, home care packages and residential aged care. Much of these benefits are means tested which means that residents with more income and assets are required to pay more toward the cost of their care. Spouses may receive additional income from Centrelink in the form of a Carer Payment or Carer Allowance, subject to eligibility criteria. There can also be support for medical costs and prescriptions through the Commonwealth Seniors Health Card.

  • Home care packages can be used for a variety of services including:

    • Personal services – Bathing, dressing, mobility etc.

    • Nutrition and meal preparation

    • Nursing services – treating and monitoring medical conditions

    • Help with impairments such as vision and hearing

    • Cleaning and home maintenance

    • Transport and social support.

    You may require some or many of these kinds of services. The level of your home care package determines how much support is funded through your home care package.

 
 
 

Do you have a question about aged care?

This information has been provided as general advice. We have not considered your financial circumstances, needs or objectives. You should consider the appropriateness of the advice. You should obtain and consider the relevant Product Disclosure Statement (PDS) and seek the assistance of an authorised financial adviser before making any decision regarding any products or strategies mentioned in this communication.

Whilst all care has been taken in the preparation of this material, it is based on our understanding of current regulatory requirements and laws at the publication date. As these laws are subject to change you should talk to an authorised adviser for the most up-to-date information. No warranty is given in respect of the information provided and accordingly neither Alliance Wealth nor its related entities, employees or representatives accepts responsibility for any loss suffered by any person arising from reliance on this information.