How Can an Aged Care Specialist Adviser Help?

Transitioning a loved one into aged care is an emotional and stressful time for all. A fall at home or sudden decline in health usually triggers the move into aged care.  The immediacy of the situation often leads to rushed, not considered, financial decision making. It is important to be proactive and not reactive in these situations. Being proactive gives you more choice for the care of your loved one.

An Aged Care Specialist Adviser helps step the family and enduring powers of attorney (EPA) of loved ones through the process of putting a loved one into aged care.  They aid in appropriate and considered financial decision making to ensure your loved one and their estate is cared for. They present you with options for types of care for your loved one, protect the estate through maximizing Centrelink or DVA and decreasing fees and help you navigate the difficult and time-consuming process. Through making informed decisions, it is not uncommon that client’s finances can be improved by around $5,000 per year.

Should we sell the house?

How can we afford care?

What is a RAD and ACAT?

How should we pay for the care?

Where is the best place for my loved one?

How do I complete an income and asset test?

..are common questions families have when navigating the aged care process.

How Do Aged Care Specialist Advisers Help?

When putting a loved one into care there are many questions and issues you will face. An aged care specialise adviser can help you with a range on task including:

Structuring and minimising fees to maximise entitlements

Need advice on how to cover the aged care fees? You need an effective strategy that protects your loved one and their estate.  An aged cared specialist adviser can provide you with modelling on how to structure the funding of the RAD, daily care and extra service fees.

Advice on what to do with the family home

An important and sometimes emotional decision is deciding what to do with your loved one’s home. An aged care specialist adviser can help you consider all the influencing factors and aid you in making a decision that suits the circumstances and your family.

 Maximising entitlements and liaising with Centrelink

An aged care specialist adviser can help you deal with the complexities of Centrelink including completing the assessment and checking results. They make this an easier process for you, eliminating the need for you to be on hold with Centrelink for hours. They will look at the circumstances and develop strategies to reduce aged care fees. This helps cover ongoing bills and financially protect the estate.

 Help you make informed decisions

Making informed decisions helps avoid costly mistakes. Aged care is a complicated financial area.  Even small mistakes over the course of few years can add up at a substantial amount.

Estate planning advice and how to treat existing investments

Are there investments purchased months ago or decades ago? Only an experienced adviser will understand these investments and how Centrelink will assess each investment. An aged care specialist adviser will help you structure the estate to protect for future generations.

What Are the Benefits Of Using An Aged Care Specialist Adviser?

 Utilising the expertise of an aged care specialist adviser delivers many benefits.  Not only can they provide advice that could stop you making costly mistakes they can also give peace of mind, maximise funding, deal with Centrelink for you and provide guidance.

If it looks like you will need to transition a loved one into aged care within the next twelve months contact Aged Care Specialist Adviser Gary Watson at Singleton Financial Planning on 02 4038 1623.

The information within, including tax, does not consider your personal circumstances and is general advice only. It has been prepared without taking into account any of your individual objectives, financial solutions or needs. Before acting on this information you should consider its appropriateness, having regard to your own objectives, financial situation and needs. You should read the relevant Product Disclosure Statements and seek personal advice from a qualified financial adviser. The views expressed in this publication are solely those of the author; they are not reflective or indicative of licensee’s position, and are not to be attributed to the licensee. They cannot be reproduced in any form without the express written consent of the author. Elliot Watson Financial Planning Pty Ltd trading as Singleton Financial  and its advisers are Authorised Representatives of RI Advice Group Pty Ltd, ABN 23 001 774 AFSL 238429.