Populations everywhere are growing older and the number of persons aged 60 years or over is expected to triple by 2050
Sound Financial Advice will Help you to make the Best Decisions for your Loved One.
When it comes time to start considering aged care facilities, a myriad of challenges envelope both the person entering the home, and their loved ones. Emotionally, the person entering the home may feel like they are losing their independence, resent having to need additional care and be worried about becoming forgotten and cut off from family and friends.
For the family, the decision to look at aged care facilities can cause feelings of guilt and stress; it is a very emotionally charged decision to make.
Out of the turmoil, financial questions arise.
Should we keep the family home? How much can we afford to pay? How much support will Centrelink provide?
Of course, every family wants to be able to afford the best possible facility for their loved one. However, the answers to these questions are often needed in short time frames because of a sudden decline in a loved one’s health and this can lead to less than ideal outcomes and family stress and strain.
To add further source of worry, the framework and legislation surrounding aged care facilities and the financial implications of these decisions can have profound effects on both the quality of care received and the financial health of the aged relative. Given these challenges, it is vital to seek advice regarding the options available to you and your family at this time and to ensure that decision making is made with the sole objective of getting the best care, medical facilities and smoothest transition for your family.
There are a number of sources for assistance with aged care and the http://www.myagedcare.gov.au/ website is a great starting point for this, but is very generic and each situation is individual so it is best to seek individual advice. The way investments and assets are structured can have a direct impact on how long the money will last.
We are up to date with all of the latest Aged Care rules, regulations and legislation. The recent changes to the legislation has given rise to many new terms and acronyms and definitions. It can be confronting and confusing without the proper advice.
This is where we can help – we will assist you to sort out the RADS, the DAPS and a lot more besides.
At Goal Financial Services we are able to assist our clients with: