Residential Aged Care
When moving into an aged care facility unfortunately it is not as straight forward as some people assume, as aged care is governed by the Australian government and Centrelink rules and regulations.
Understanding that there are many questions that need to be answered before moving into care including:
- Am I going to be a Supported (Concessional) or Unsupported (Non-Concessional) resident?
- Would the facility I like, accept me if I am going to be supported resident?
- Do they have vacancies?
- How is the bond going to be paid (by the way of a RAD,DAP or combination of the two)?
- If the person moving into care owns a home, is it better to keep the home or sell it or rent it, borrow against it to pay the bond?
- If someone still lives in the home how can the bond be paid?
- How will any of these choices affect my pension?
- Will I be able to afford the Means Tested Fee, the Basic Daily Care Fee, and in some cases the Additional Service Fees or Extra Service Fees or Daily Accommodation Payment.
At Balance Aged Care Specialists, we can help by calculating if the person moving into care is going to be a supported or unsupported resident, while producing financial scenarios in front of you to show the difference of paying a small or a large bond, keeping or selling a property and showing you what the cashflow will be with the options that are available to you.=
If you are interested in finding out more about your Aged Care options available, you can call 1300 556 287 to speak to a Balance Aged Care Specialists for a free phone consultation or please find some more information by clicking the link below.
Real Life Example
Angelo needs to move into aged care but does NOT want his home to be sold. How can Angelo afford his aged care costs AND keep his home at the same time? Balance were able to show Angelo and his family how this was financially possible.