The journey into Aged Care is a challenging and emotional time, not only for the person who is moving into care but also for their family members. Aged Care choices are complex and making the wrong decisions in haste can come at a high price both emotionally and financially. Planning ahead and understanding your choices early can help make the transition to aged care an easier and more positive experience for all.
Understanding and Maximising your Financial Position
The cost of Aged Care can vary dramatically and the amount you pay will depend on your personal situation and the type of care you require. The Government provides funding for aged care and your requirement to contribute will depend on your assessable assets and income. Understanding these complexities and navigating this system means that access to professional advice is critical.
How can Morrows help?
Morrows provide tailored Aged Care advice so you and your family understand:
- The viability of you living in your own home with assistance.
- Your options for funding Aged Care facility entry costs if living at home is not viable.
- Your potential to reduce ongoing fees.
- The impact of your decisions on any Centrelink or Department of Veteran Affairs pension entitlements.
- Information as to accommodation choices and locations.
Recent Changes to the Aged Care Facility System
The Aged Care System underwent a number of reforms on the 1st July 2014. There is no longer a system of high care and low care, as facilities now provide for all care which may include palliative care. The reformed system has placed a greater emphasis on residents funding their own care. In summary the changes are claimed to provide:
- Greater transparency regarding the cost of accommodation, as Aged Care facilities must now publish accommodation costs.
- Greater flexibility in payment options for accommodation costs – allowing those who move into care the choice to pay for their room either by way of lump-sum payment, ongoing daily payments or a combination of both.
- Changes to the way a resident’s income and assets are assessed for the purposes of assessing their ongoing fees.
Morrows have a number of experienced advisors who specialise in Aged Care advice and can help you understand the new reforms so you can make the right decisions for you and your family’s financial and emotional welfare.
Please contact:
Allison Hyland
Senior Advisor, or
Jonathan Swanton
Advisor Representative
Morrows Private Wealth
Ph: 03 9690 5700 email mpw@morrows.com.au