Did you know preparation and financial advice are key when transitioning into aged care?
Numerous families lack awareness of this reality and, regrettably, are ill-equipped to handle the financial hurdles that accompany the move into aged care when it occurs.
From navigating complex government subsidies to understanding the costs associated with different care options, finding the right financial guidance can significantly ease the burden of this significant life change.
Whether researching a facility, simplifying affairs or structuring assets, continue reading things to consider before you or a loved one enters aged care.
5 Financial Considerations to make before transitioning to aged care
1. Research aged care facilities
At Precision Wealth Management, we recommend a great resource called myagedcare.gov.au. Here, you can research the facility’s services and the refundable accommodation deposit that may be payable to secure a room.
2. Aged care financial planning: simplify your affairs
Streamline your affairs by removing multiple bank accounts and winding up entities that you won’t need in your next phase of life.
3. Aged care planning: consider your family home
Our next tip is to think about what you plan to do with your family home.
It may be the case that you need to sell your family home in order to fund the refundable accommodation deposit or it may be the case that there’s a protected person, such as your spouse, who is still living in the home.
4. Aged care financial planners: structure your assets
Structure your assets to maximise your age pension entitlement and minimise your aged care fees through annuities or account-based pensions
5. Seek advice from a financial planner
As the cost of aged care continues to rise, seeking advice from a financial advisor is crucial for ensuring your long-term financial security. Precision Wealth Management has the expertise and experience to help individuals navigate the complex financial decisions associated with aged care.
A financial planner can provide personalised strategies that consider your specific needs, assets, and goals, enabling you to make well-informed decisions about aged care options.
Aged care financial advice: 5 things to consider before entering aged care
Before transitioning into aged care, it is crucial to consider a range of factors, including conducting research on available facilities, arranging personal matters, overseeing financial assets, assessing the family residence, and seeking aged care advice from a financial advisor.
Considering these important aspects will enable you or your loved one to navigate the aged care transition and process more confidently.
If you would like some advice on aged care, contact us at Precision Wealth Management today.
Precision Wealth Management is a local, privately-owned financial planning firm based on Brisbane’s northside.
Our certified advisors work with each individual client to determine the best wealth creation strategy based on their unique situation.
We strive to stay at the forefront of the industry, and our investment approach is based on decades of research.
Financial Planner Brisbane
Our services include Superannuation Advice And Planning, personal Insurance Advice, Budgeting And Cashflow Management, Investment Strategy And Advice, Aged Care Financial Advice, Retirement Planning Advice, and Debt Reduction Financial Planning.
At Precision Wealth Management, we offer flat fee pricing which is determined on the complexity of the work – not the value of your investments.
Get in touch with us today to start your journey towards financial freedom. Call 1300 200 012 or enquire online here.
