Aged Care financial advice for peace of mind
Expert guidance for navigating the aged care journey
Thinking about aged care for yourself or a loved one can stir up a lot of emotions. There’s often concern about affordability, ensuring the best care, and understanding the steps involved. Will you be able to afford the care you need? What happens to your family home or other assets? And how do you make sure your loved one is comfortable and well cared for?
The aged care system in Australia can feel complicated, with a range of care options and funding strategies available. You may be wondering, “How will we fund the transition into care? Is there government support? How do we balance what’s best for our loved one and what’s financially feasible?”
That’s where my aged care financial advice comes in. Whether you’re considering home care, residential aged care, or other support options, we’re here to help you navigate the process and make informed decisions. With a personalised approach, I’ll guide you through the steps, from understanding government funding like the Aged Care Pension to planning strategies that preserve your financial security.
Let’s simplify the aged care process, together
Hi I’m Jacki. I understand that making the decision to move into aged care or to organise care for a loved one can feel overwhelming. There are so many factors to consider—finding the right care, managing costs, and ensuring the move is as smooth as possible. That’s why I’m here to help, step by step.
We’ll start by exploring all your options, whether it’s staying at home with support services, entering a retirement village, or moving into residential aged care. I’ll help you understand what’s involved and how to fund these choices, including the fees associated with each type of care.
Aged care fees can vary significantly, from daily care fees to accommodation payments and additional services. I’ll guide you through the different funding options, such as using your savings, selling or renting out your home, or accessing the government’s Home Care Packages or the Residential Aged Care funding. Together, we’ll create a plan that balances your care needs with financial security.
Planning for Aged Care in Australia
The aged care journey isn’t just about finances—it’s about finding the best care for you or your loved ones. But understanding the financial aspect is crucial to ensure you make the right choices.
There are various options to fund aged care, including government assistance through the Aged Care Pension, Commonwealth Home Support Program, and the means-tested Residential Aged Care Subsidy. I can help you understand your eligibility for these programs and how to apply.
I’ll also walk you through decisions around what to do with the family home, how to manage assets, and how any financial decisions you make now will affect your estate planning. It’s important to know how to balance long-term financial security with accessing quality care.
By working together, we can remove some of the stress from the process and help you make informed decisions that meet your care needs while protecting your financial future.
When my Mum went into a nursing home, I was so confused about what the daily costs would be. I wasn’t sure if she would be able to help me but Jacki explained what the various costs were and how they could be paid. It was a relief to know I would be able to manage it and have a better understanding of how it all works. Jacki presented a couple of options for me to consider and I was able to decide which way to go. I was very happy with her advice and the way she tried to keep it as simple as possible for me.
Julie – Aged 70
Aged Care financial advice in action
Julie
Julie is 70 years old and was a carer for her Mum aged 96, living in her Mum’s home with her Mum recently going into aged care. Her Mum has approximately $100,000 in savings and no other assets and receives a full age pension. Julie is worried about her Mum’s aged care expenses and doesn’t want to sell the house if possible, as she will have to find somewhere else to live. She doesn’t know whether to use her Mum’s savings to pay an accommodation bond to reduce her expenses or what other options there are, and is confused by all of the different expenses.
I met with Julie and we considered a couple of different scenarios – paying a partial accommodation bond, paying a daily accommodation fee and what her Mum’s cash flow would be in each scenario. We also looked at what would happen in two years’ time, when her Mum’s residential property becomes an assessable asset and she loses the age pension.
I illustrated to Julie what each scenario would look like from a cost and cash flow perspective. This information was helpful for Julie to make a decision to keep her Mum’s savings as they are, and pay daily accommodation costs. She has enough savings for around three years of expenses before other options need to be considered, should her Mum still be alive.
Sandra and David
David has dementia and had a fall at home and is now in hospital. He’s had an ACAT assessment and needs to go into aged care. They have a very complex financial position that consists of family trusts, several businesses and commercial and residential properties. Sandra didn’t know where to start with understanding the fees and the paperwork and needed someone to help her.
I met with Sandra and her son and we talked about the costs associated with aged care. I provided an explanation of the fees that can be charged and what options are available. They have already decided to cash out David’s super to pay an accommodation bond and required assistance with the completion of the paperwork. I advised I could assist them and charge an hourly rate for my time, as I am not giving them personal advice.
We organised another appointment where Sandra had gathered the information needed for me to assist with the completion of the paperwork. From there we lodged the paperwork with the aged care provider.