Perhaps you’re looking to move into aged care yourself, or are planning to help a parent into a retirement home. It can be a stressful time, and a large part of that stress can come from the financial aspect of moving from a home to a care facility. You’ll need to consider aged care payments and budgets, government assistance and the restructuring of any assets such as the family home. There are also some common mistakes that can unfortunately lead to significant and unnecessary costs. An Enlightened Financial Solutions specialist can help you to avoid these pitfalls and maximise the benefits and entitlements for a smooth and knowledgeable journey into aged care.
Right now, residential aged care costs are heavily subsidised by the Federal Government. But, with the Government’s aged care costs estimated to double from $13 billion now to $26 billion by 2023/24, there will be substantial changes to the aged care system. We can help you to budget care and accommodation fees for the future, as well as getting the best available rate of pension and financial support. We know that the fundamental concern is the comfort of yourself or your loved one, and putting a plan into place now can ensure your financial needs are met in the short and long term.
If you or a loved one are looking at moving into aged care soon, now is the perfect time to talk to an experienced financial advisor. There are the accommodation, living and care fees to take into consideration, plus the potential for any government payments or concessions. There may have been or will be a restructuring of a transfer of assets in the process of moving into aged care, such as the family home, and wills and estate plans may need reviewing to suit. An EFS advisor can help you to make sense of what can be a confusing process, and help you put a plan into place to avoid any nasty surprises or rushed decisions. Contact EFS now to book your complimentary appointment.