A Guide to Getting the Best Aged Care Financial Advice

Aged care financial advice from Sydney Aged Care Financial Advisers can help make the process easier and provide you with information and insights that can save you money. Making sense of all your options and dealing with forms and payments can be challenging and time consuming, which is why having a trustworthy advisor to support you is so important.   

What a monetary advisor can do for you

An advisor can provide you with aged care financial advice based on your personal situation, needs and goals. They can help you stay on track with your money and keep you informed about changes in legislation that may affect you. Some of the services they provide include:

Managing/planning accommodation payments

If you intend to move into a retirement home or assisted accommodation you may need counselling on how to best pay for this. You may want to make lump sum payments, regular instalments or both.

Fee minimisation strategies

There are a number of strategies you can use to reduce the cost of fees that you pay. These include potentially selling your home, assessing your investments, and negotiating your RAD payment. A poorly managed plan may reduce your pension and lead to higher accommodation costs.

Maximisation of social security benefits

Things like your investment choices and assets can affect the amount of social security benefits that you receive. An aged care financial advice consultant can assist you in making optimal decisions.

Tax support

By providing a review of your monetary situation, a number of tax offsets that could benefit you can be identified, such as the low income, net medical expense and senior’s offsets.

How to find a trustworthy advisor

It is important to find a reliable, trustworthy and experienced aged care financial advice consultant to help you on your journey. This ensures that you receive accurate information that will truly benefit you. Some things to consider when looking for an advisor include:

  • Their credentials and licences
  • Whether or not they specialise in aged care financial advice
  • The amount of experience they have
  • Whether or not they can provide you with a sample plan
  • Whether or not they will give you an outline of your options
  • How much they charge for their services
  • If they will provide their guidance in writing and in ‘plain English’; and
  • If they provide a once-off or ongoing service.

How much they charge

The amount each consultant will charge for their services depends on the individual – however, if you are experiencing monetary hardship, you may be eligible to receive free aged care financial advice.  There are a number of community organisations across Australia that provide free services to support you.

Types of elderly support services

There are three main accommodation options available to those who can no longer live independently. These are:

At-home support

The government supports people who want to live in their own home for as long as they can; subsidized home support can provide assistance with daily tasks such as cooking, transport and shopping.

Nursing home

If living at home is no longer an option or if you need ongoing support with daily tasks and/or health support, moving into a nursing home may be a good option. This provides you with 24/7 support. You can choose to stay at a nursing home permanently or just for a little while. Aged care financial advice can help you pay for this.

Transition and respite support

Transition and respite support are short-term accommodation options. Transition support helps you recover after being in hospital whereas respite support is for if your regular carer needs a break.