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Don't panic - your starting fee may only be temporary

Cashflow planning is important when moving into aged care, but plans can be thrown into chaos if your first invoice shows much higher fees than expected. This article sheds light on interim fees. ...

Navigating Christmas with Dementia

As the festive season approaches, our hearts are filled with the anticipation of joy, togetherness, and the magic that Christmas brings. However, for those navigating the journey of dementia, the holiday season can present unique challenges. In this newsletter, we explore ways to celebrate Christmas with compassion, creating meaningful experiences for individuals and families affected by dementia....

Dementia Dot Point

Challenges of daily activities In previous newsletters we have discussed living at home with dementia and some of the challenges associated with the home.  Whilst trying to retain familiarity wherever possible, there are a range of positive changes that can be made to enhance the home environment for a person with dementia. Last month we considered routines for morning and night.  This month we are focusing on planning for visitors. Planning for visitors Social inte...

Financial challenges for couples

Second marriages may present additional financial challenges when balancing day-to-day expenses with implications for aged care funding. You may not share finances equally, but Centrelink/DVA will assess your obligations as if  you do....

Dementia Dot Point

Familiarity is enabling for the person living with dementia.  An unfamiliar environment can cause increased stress and confusion.  Living at home means being surrounded by familiar rooms, furniture, belongings, gardens, people, sights and sounds....

Brain activities may slow dementia risk

With an increasing number of people living with dementia in Australia and around the world, research activities aim to understand how the brain works and look for ways to reduce or slow the risk of dementia. Across the globe, 10 million new cases of dementia are diagnosed each year....

Getting your RAD refunded

Understanding the refund rules for RADs may remove some of the stress and worry with a move into residential care.Room prices in aged care are usually quoted as a lump sum. Often this is a big number, which can cause a lot of worry. But this is also one of the most misunderstood areas of residential aged care. Demystifying the rules may reduce some of the worry....

When you need to move from retirement villages

For many people, a retirement village may offer a great retirement living solution, especially when you start to find maintenance on a home more difficult or you want convenient social interactions. You might also be able to access some personal care and home help support. But as your care needs increase, you might be faced with the decision to move out of the retirement village and into residential aged care. This move will have financial implications and you may need to make decisions aro...

The silly season brings families together

We are revisiting last year's Christmas article as it is important to keep in mind.As we approach the end of another year, many people will be looking forward to the festive season and the chance to slow down and catch up with family, particular older parents.  Busy lives and distant homes can make it easy to feel out of touch.  But this may be a time when adult children notice changes in their ageing parents and can also be a time for parents to take control over their future with advice an...

Dementia Dot Point

Behaviour can be influenced by internal factors such as joy, anxiety, past habits and experiences and external factors as diverse as overcrowding and loud noises through to beautiful scenery and pleasant music. Cognitive impairment can also influence behaviour....

Dementia dot point

The onset and development of the symptoms of dementia are gradual and so when being described, are often grouped into three stages – early, middle and late. Things such as healthy lifestyle, diet, exercise, keeping active and creative may assist ways to manage the impacts of dementia – particularly in the early stages. In mild or early-stage dementia, many people might not actually be aware that they have the condition. The following symptoms may be experienced: Memory loss, particularly of ...

Changes to aged care fees - for some

Two things happened on 1 October that have seen aged care costs increase for some people in residential care – the interest rate increased and so did the maximum daily means-tested care fee. And these changes follow closely after the 20 September indexation, which saw a bigger jump than usual. While these changes have been significant, they may not significantly impact a lot of people already in aged care, but they certainly do change some of the decisions you might have already made or you a...

Do you need a means-test assessment?

The fees in residential aged care are means-tested.  But what happens if you don't want to disclose your financial situation?  It is not mandatory, but disclosure may reduce your fees or help you manage cashflow in some case.  In other cases, there may be no advantage or disadvantage....

How far can a home care package stretch?

Ageing at home is easier to achieve with increased numbers of home care packages, but maximizing your value needs an understanding of the rules and comparison of fees. For most people, home care is the preferred aged care option because it may allow you to age well while continuing to stay in your own home. But while it might be your preference, it is not always the best option. Understanding how home care might work for you, needs a reality check around waiting times, adequacy of the care avail...

What is a Death Benefit Nomination?

Superannuation benefits are not distributed on your death through your Will automatically.  Your superannuation fund should allow you to make a Binding Death Benefit Nomination (BDBN).  If this binding death benefit nomination is valid, then the trustee of the fund is obliged to pay your superannuation benefits to those persons nominated in your BDBN. ...

Is a retirement village better than aged care?

Retirement village living and residential care are often seen as alternatives, but the fact is they are not true substitutes. The style of living, the services provided as well as what the government will subsidise (and regulate) are different. ...

Elder Abuse Awareness

The 15th June 2022 was World Elder Abuse Awareness Day. This day was first established in 2006 by the International Network for the Prevention of Elder Abuse and has been commemorated on 15 June each year since. It was officially recognised by the United Nationals General Assembly in 2011. The aim is to highlight and eliminate abuse against older people. Abuse can come in the form of physical, psychological, sexual, abandonment, rights and financial abuse or neglect. Elder abuse is a global issu...

Why do you need a Will?

If a person dies without a Will the person is said to have died intestate (“in-test-ate”).  Their personal estate will be governed by the laws of the jurisdiction (State) in which they resided at the date of their death.  Any real estate they own will be governed by the laws of the jurisdiction (State) in which the real estate is situated....

What is included in your deceased estate?

Do you know what assets are included in your estate when you die?   Most people believe that when they die, everything they own forms part of their estate irrespective of how the asset may be held (owned). As you will discover, this is not always the case. ...

No Budget Changes for Aged Care

In last year’s Federal Budget we saw a major five-year restructure plan for aged care, so it was not surprising to see no major changes this year. Instead, the government reconfirmed its commitment to the five-year plan. This article takes a quick look at the implications of this year’s Budget for aged care....

The hidden cost of retirement

The common question when it comes to retirement is ‘how much is enough?’.   If only the answer was simple! But the fact is that the answer varies due to a range of factors, including your lifestyle aspirations, personal health and family commitments. But regardless of how much you have put aside, there’s a significant potential cost in retirement that is often not considered, and if ignored, it can undermine our plans - aged care....

Why now is a good time to plan for frailty years

Planning for the future – and all challenges it may bring – can help achieve quality of lifestyle as well as quality of care. A new year is underway, and while we are unsure what challenges COVID will send our way, we hope the future looks bright. One thing we do know is that aged care reforms and funding issues will continue to be an important topic, making awareness and planning ahead increasingly more important. And we are here to help....

Is it a scam?

Naturally, people aspire to get the most out of their investments, especially if a great opportunity is presented by a ‘trusted’ organisation. However, investment scams occur more often than you may think, highlighting the risk both self-directed investors and SMSF trustees may potentially face when seeking new investment opportunities. New data released from Scamwatch Australia has reinforced the sophistication and rapidly growing number of scams each year in Australia – which has caused ...

Jump hoops to make aged care affordable

Aged care seems expensive, and comes at a time when your finances may be dwindling. This might make you worry about whether you can afford to pay for care. In Australia, we are lucky that government subsidies can help with the costs, but you will have to jump through hoops to be approved. And you may have long waiting times before the government money becomes available (particularly home care). This article takes a quick look at the three steps for approval. ...

The festive season brings together families and important decisions

As we approach the end of another year, many people will be looking forward to the festive season and the chance to slow down and catch up with family, particular older parents.  Busy lives and distant homes can make it easy to feel out of touch.  But this may be a time when adult children notice changes in their ageing parents and can also be a time for parents to take control over their future with advice and family discussions....