Many people think they can’t afford to get aged care advice, but the reality is you probably can’t afford not to get advice.
RADs, DAPs, MPIRs, MTAs and ACATs !! These are just a few of the acronyms you will face when navigating aged care decisions. It might even feel like you’ve landed in a foreign country where you don’t understand the language or the rules.
Navigating your way through aged care and the jargon is not easy. Frustration, confusion and anxiety are feelings you are likely to experience, especially if you have arrived at this point with little preparation.
Some tasks are just too complex and too important to do on your own.
That’s where we can help. You don’t have to make these decisions or interpret the language on your own. We have the experience and expertise to help you make well-informed aged care decisions. We can show you how you can afford the care you need and understand how it all works – saving you time, stress and money.
Avoiding mistakes is a good reason to seek advice. Four key mistakes we often see people make when they don’t get advice include:
Selling the home without understanding the consequences
Being afraid to pay a lump sum (refundable accommodation deposit - RAD)
Not generating enough cashflow
Providing the wrong information to Services Australia and paying too much in fees.
Advice should focus on more than just the costs on date of entry into care. You want the advice to also forecast how your finances will be affected over time, to make sure you don’t run out of money or make bad decisions. Examples of advice gone bad, include:
If keeping the home, not understanding how the age pension changes after two years.
Structuring finances to qualify as a low-means resident, without realising this may make it harder to find a place with some aged care providers.
A person may gain comfort that the home is exempt if an eligible carer continues to live there, but what seems like an affordable option could soon be a financial disaster if the carer loses income support and this was not anticipated.
One child in a family uses their own money to help a parent pay the lump sum Refundable Accommodation Deposit/Contribution, and only too late realises that this resulted in higher aged care fees and an estate dispute when they want to recover the money.
Our advice follows a logical process to consider the financial situation when you first move into care, what will change after that move, what the situation will look like after two years and what to expect when the estate needs to be finalised. This helps to anticipate future changes and mitigate problems as much as possible.
When aged care decisions go badly, the mistakes can be costly both financially and emotionally. Let us take away some of the stress. Contact us on 1300 127 284 to make an appointment.
