The aged care system in Australia is extremely complicated and difficult to navigate through on your own.
The rules are complex. Selling or renting your home impacts on aged care fees and social security payments (i.e. the age pension, DVA pension, disability pension). There are different formulas to determine the accommodation fee/contribution that’s payable on entry. There are one set of rules for how to work out the means-tested fee and another set of rules to work out the age pension/DVA pension payment. To add to this, the decisions you make could have an impact on taxation, estate planning, investment returns just to name a few.
Information is freely available on some government websites (i.e. myagedcare.gov.au) so if you have the time, capability and energy to do it yourself you probably could but with much effort.
What’s the alternative? Get help from us to save you time, effort and energy and ensure you make fully informed, smart decisions.
We can help with:
- Guidance on what to expect (i.e. timeframes, costs, cashflow strategies etc.).
- Completing Centrelink assessment forms.
- Determining your accommodation payment or contribution if you are low-means.
- Strategies and options around how to deal with the accommodation payment/contribution.
- Determining means-tested fee and considering funding strategies to pay for fees.
- The family home – keep, rent or sell?
- Cashflow – how will fees be paid for?
- Considering the impact on your estate planning.
- Linking you with lawyers who can review contracts and help you understand your rights.
- Consideration of taxation when looking at various funding strategies.
Contact us today on 08 9381 6811 to arrange a complimentary initial meeting.