Navigating the aged care terrain requires much more than information. Families on this journey need a listening ear, acknowledgement, and reassurance. They want to be treated as whole and competent human beings, who can make their own decisions. They need a guide to walk them through options and pitfalls, one who provides direction on opportunities unique to their specific situation and circumstances.
You do however need to ensure that the adviser you work with is a specialist in and accredited to provide advice in the area of aged care. Not all advisers are familiar with the aged care landscape and you will find that Financial Advisers in the aged care space are specialists who have developed skills, knowledge, competencies, and relationships which are of particular relevance to people looking for assistance in the area of aged care. We can’t stress this enough. You won’t go to your GP to do heart surgery. It’s the same for aged care – you need to speak with an adviser who has a specialisation in aged care.
Here is a list of some of the things with which your financial adviser can assist you:
- Facilitate a discussion to help your family decide on aged care priorities for your loved one;
- Help you understand the range of care options and how the aged care system works;
- Outline steps to help you find and access the right care;
- Act as a central point of reference for clear and relevant information;
- Liaise and negotiate with 3rd parties (such as aged care facilities) on your behalf;
- Introduce you to other experts, who can assist with the journey. These can include layers, placements specialists, de-clutter experts, property managers, and real estate professionals;
- Help you establish how much you can afford to pay towards residential aged care;
- Establish what your actual and assessable assets and income are;
- Establish whether you qualify as a supported resident or not and help you to understand the implications;
- Calculate your Means-Tested Care Fee and help you understand aged care fees;
- Assess your cash-flow to ascertain affordability;
- Determine the financial implications of keeping or selling your home;
- Evaluate options and strategies to pay the accommodation payment;
- Evaluate options and strategies to maximise your age pension;
- Evaluate options and strategies to minimise aged care fees;
- Evaluate options and strategies that generate regular and reliable income to cover your expenses;
- Analyse and help you understand all of the interdependent variables, to identify the most suitable strategy for you;
- Help you make confident and well-informed decisions;
- Reduce and manage the stress for you and your family; and
- Help you complete and lodge Centrelink documentation.