Aged Care

Deciding to move into an age care facility can be a difficult and confronting time for individuals and their loved ones. Not only is it emotionally challenging, it may have a big financial impact on you and your family. Investor Wealth have experienced and qualified advisers that can help you understand the various aspects of aged care. The key steps to Aged Care include:

Determining your needs 

It will need to be determined whether low or high care will best suit your needs. Your family doctor, social worker, or council can help you arrange an ACAT assessment which will determine the level of care you require.

Develop a financial framework

Once you know the path you are headed, now is the time to seek advice and work out the financial aspects of making the transition into aged care so you know where you stand. A qualified financial planner can help you look at various issues such as daily care fees, accommodation bonds, the family home, age pensions, and the overall impact on your cash flow.

Choosing the right facility

To ensure you choose wisely, it is prudent that you thoroughly research your options by visiting various facilities that offer the services you require. You will likely need to apply for more than one facility given the high demand for places.

Ongoing management

Once in care, your financial planner can help you with the numerous financial obligations which need to be managed on an ongoing basis. This usually involves balancing cash flow from superannuation holdings and Centrelink benefits, and keeping up to date with legislative changes that affect the many facets of aged care. An Investor Wealth adviser can ensure that all your financial affairs are managed appropriately and effectively along the way.

As experienced qualified advisers, we can help you to:

  • Understand what options are available to allow you to make an informed decision.
  • Understand what fees will be payable and the financial impact to your personal situation.
  • Options to retaining your Centrelink age pension and benefits.
  • Estimate how long your money will last and create a plan to make it last longer.
  • Maximise your final estate to be passed on to the next generation.