CHOOSING the right aged care solution for you or a loved one can be a difficult situation.
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When you add financial strain to the problem, the situation can be made more difficult than it already is.
Horsham’s Consortium Private Wealth financial planner Ashley Rowan specialises in aged care financial planning.
He said people sought financial advice when looking at aged care options for many different reasons.
“Given aged care choices are complex, making the wrong decisions can come at a high price, emotionally and financially,” he said.
Mr Rowan said many of his clients sought advice after unexpected circumstances had put them or a loved one in aged care.
“The majority of clients I see have a loved one with an immediate need for aged care,” he said.
“This is often due to a rapid decline in their health. What people need to understand is that there are strategies that can be explored in the years prior to aged care.
“These strategies focus on minimising future care fees as well as maximising Centrelink benefits.”
Although people did often seek advice about their own aged care plans, Mr Rowan said nearly all of his clients were people with elderly parents.
“We do encourage all siblings attend our meetings given that the family group often decides the preferred path forward rather than a single individual,” he said.
“This can also be beneficial from an estate planning point of view as well.”
He said many clients were greatly concerned with the rising costs of aged care.
“The main financial concern I come across is that ‘I have to sell the family home to afford care’,” he said.
“This is not true whatsoever, and in some cases it can be more advantages to retain the family home and rent it.”
With aged care options available to fit an individual’s needs, Mr Rowan said it was important for people to shop around and find the right type of care for them or a loved one before choosing anything.
“Financial arrangements can vary within a facility and from one facility to the next,” he said. “Also, individual’s circumstances are very different therefore it’s difficult to predict what payment options may be suitable.
“Just know that you will have choice when deciding the most appropriate way to fund care expenses.”
The federal government’s My Aged Care service is an online resource for everything relating to aged care.
You can find out the estimated fees for aged care services that you seek or find out your eligibility for services you need.
Head to its website www.myagedcare.gov.au or call 1800 200 422.
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