Aged Care Financial Planning

CHARLES PENHEIRO
Aged Care Financial Planning aims to minimise the resident contribution as much as possible so that more is paid via government subsidies and less by the resident. This applies to home care and residential aged care.

We all want the best for our loved ones in their final years. We want to make sure that they are comfortable, well fed and looked after.

Unfortunately, the day to day pressures of everyday living may mean that the family unit is not always able to provide the level of support required to achieve the above. Hence, Home Care or Residential Age Care may be become a more viable option.

Accommodation deposits for residential age care are not cheap. Do you pay this upfront as one lump sum or make daily payments? Or do you do a combination of the two? Do you sell the family home or is it best to rent it out? How will you finance the ongoing daily care fees and how does this affect their Centrelink Age pension?

These are questions I can help you with.