If there is one topic which many people rarely like talking about, it is issues to do with financial plans for the aged. The reason why this is a sensitive topic is mainly because of the fear of not wanting to go wrong, given that we are dealing with people who are nearing the end of their lives. On the other hand, it is good to tackle this issue well in advance so that we don't have regrets later as to why we didn't start early. Aged care financial services, offered by Balance Aged Care Specialists, is a great way to make sure that the senior citizens of this country continue to enjoy the rest of their lives well past their retirement age. Here is a glimpse of what is in store that will make you want to consider it, either for yourself or for a loved one.
This is the starting point to everything, including aged care financial services. You need to know where you prefer to be your home away from home. Is the facility a retirement home, or hostel, for the aged? Is it a nursing home (especially for those with ailments that require frequent medical attention)? Whatever the facility, you need to feel comfortable living in it. Sydney, for example, has a long list of such facilities that you can check out. Of course the location also matters. You need it to be somewhere near at least one of your closest relatives, in case of emergencies or visitations. Most families have probably established that, so now we can move on to the gist of it- the financial aspect.
You should ask yourself 'how much will it cost for Aged Care?' As you may know, there is not one fixed price tag when it comes to taking care of the aged. It is an interlinked system that deals with The Australian Taxation Office, Centrelink and The Facility itself. Before you get all confused as to where to start, here is where Balance Aged Care Specialists comes to your aid.
Since July 1, 2014, there have been many changes made to Aged Care systems in Australia, most of which revolve around the residents' assets which are now being included in the Centrelink's assessment. Before we go any further, if you feel you don't understand anything, feel free to call (02) 8814-7307 to book an appointment with one of the Aged Care Financial Planners. But in the meantime, here is a recap of some of the changes made, with effect from July 1, 2014.
-Low care and high care categories calculated the same.
-No accommodation charges for nursing homes, but a RAD (Refundable Accommodation Deposit), refundable at the end of your stay. There is also the flexibility of this payment.
- An option to pay a DAP (Daily Accommodation Price) of $46.50, out of your RAD.
-Means Tested Fee replaces Income Tested Fee. It takes into consideration your income and assets.
-Opting in or out of the extra service fee, available in all facilities, as you please.
Finally, there are three levels of Government Support which you will understand more of once you contact us. A specialist will be on hand to assist you. If there are any questions, don't hesitate to call, and let us walk and work together for the good of our senior citizens and loved ones.
Posted: 28-Jan-2015. Author: Heidi Cridland
10-Apr-2018 Eric Hiam
27-Mar-2018 Eric Hiam