Financing aged care

Decisions over aged care for loved ones can be emotional - and that's before the additional stress associated with costs of funding the aged care and the complexity of the social security system. So it pays to get well rounded advice and the key is to plan ahead as your loved one's circumstances can change quickly.

There are choices to make about whether care will be provided at home or in an aged care facility and the high costs and complex financing options associated with both options means careful consideration of the following:

  • Aged care costs - what are the entry fees (including accommodation bond and accommodation charges) and ongoing costs (including basic daily care fees, income tested fees and extra service charges) of residential care?
  • The family home - will someone still be living there? should it be sold? should it be rented out? is a reverse mortgage appropriate?
  • Social Security - how can we maximise your aged pension entitlement by structuring your assets in the right way?
  • Tax - what special tax offsets may be available when living in residential aged care?
  • Estate planning - have you or your loved ones sorted out the Power of Attorney or Enduring Guardianship?

Aged care is a complex area. There is much to be considered and it is important to carefully balance management of assets, the cost of aged care, and the impact on aged pension entitlements.

Contact us today so we can help you achieve the best possible outcome.

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