Are you or a loved one beginning the aged care planning journey?
Researching facilities can be overwhelming, but with the right tools and knowledge, the process becomes much more manageable.
Our last video discussed things to consider before aged care and the importance of utilising resources like www.myagedcare.gov.au. Today, let’s delve deeper into researching a facility and understanding key considerations.
Aged care advice: when researching a facility, consider proximity and availability
One of the initial factors to contemplate is the facility’s location to family and essential amenities. Being close to loved ones and familiar surroundings can significantly enhance the quality of life in aged care.
Additionally, it’s crucial to inquire about bed availability, especially if your asset position means you will be entering the facility as a supported resident. Facilities often have limited allocations for supported residents, so understanding waiting lists and availability is paramount.
Aged care financial planning: monetary considerations for supported residents
Understanding your financial situation is essential in determining the type of residency you qualify for.
Supported residents with assets below $58,500, receive government assistance for accommodation costs and aren’t required to pay any means-tested care fees.
Partially supported residents with assets between $58,500 and $197,735, receive partial government support, necessitating an accommodation contribution but also no means tested care fee.
Refundable accommodation deposit: RAD
For self-funded residents, the focus shifts to the refundable accommodation deposit (RAD) or daily accommodation payments. The RAD secures a room and is refunded upon departure, while daily payments offer an alternative for those unable to fund the lump sum.
Navigating aged care
Researching aged care facilities involves many considerations, from financial aspects to quality of care.
Utilise online resources like https://www.myagedcare.gov.au/ for comprehensive information and guidance. However, nothing replaces the value of visiting facilities in person, meeting staff, and experiencing the environment firsthand.
Aged care planning made simple with Precision Wealth Management
At Precision Wealth Management, we understand the complexities of aged care planning. Don’t hesitate to contact us if you’re feeling overwhelmed or uncertain about the process.
Our team is dedicated to providing tailored advice and support to guide you through every step of the journey. Take the first step towards peace of mind and contact Precision Wealth Management today for expert aged care advice tailored to your unique needs.
DISCLAIMER – The information provided in this blog is general and does not consider your individual financial needs or objectives. It does not constitute personal advice. We recommend seeking out professional and independent financial, legal and tax advice which has been designed for your individual situation before acting on any information contained below.
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.
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