Aged Care
When considering placing yourself or a family member in a residential aged care facility many important decisions must be made. First and foremost, locating an acceptable facility that has accommodation available. This is often an emotional time for a family, a time when crucial financial issues must be considered such as:
- Will the family home have to be sold to fund a Refundable Accommodation Deposit, or are there other options?
- Will the Centrelink pension be lost?
- What are the Aged Care fees and how will they be paid?
- Will there be enough money to afford long term care?
- Will there be enough spending money?
The financial implications of Aged Care are complex, with relevant facts and figures changing regularly throughout each year. Unfortunately, seemingly simple financial decisions taken in haste can have long term detrimental financial implications.
As experienced specialist advisers in Aged Care, WealthForm has worked with many families to assess the best possible financial outcome. The financial plans we prepare for Aged Care clients clearly outline the alternative options available and make recommendations on the best way to proceed. Our advice to clients provides clear definition of their situation and peace of mind so that:
- The Centrelink Age Pension is maintained and maximised
- Aged Care fees are minimised
- There is sufficient regular income to pay all fees and provide adequate spending money
- Invested funds are secure
More Information
Additional information can be found here at the WA Aged Care Financial Solutions Website.
This information is of a general nature only and has been provided without taking account of your objectives, financial situation or needs. Because of this, we recommend you consider, with or without the assistance of a financial adviser, whether the information is appropriate in light of your particular needs and circumstances.