Confusion over accommodation bond changes. Are aged care reforms a mess?
Due to the rapidly ageing population in Australia our aged care sector has long been in need of reform. We can thank the previous Labor government for finally introducing much needed change with the Living Better, Living Longer reforms. With aged care costs skyrocketing in recent years as a share of federal government expenditure the aim of these reforms is to make the system more...
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Aged Care Assessment Teams NSW: Who is ‘ACAT’ and What Do They Do?
If admission into residential care and nursing homes is confusing to families, then Aged Care Assessment Teams are often one of the most important resources in obtaining a comprehensive solution. Otherwise known as ACAT, the Aged Care Assessment Teams in NSW are typically doctors, nurses and social workers attached to a hospital who assess elderly people for aged care needs and make recommendations for the most...
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What is an Accommodation Bond and How Do You Pay for Aged Care?
Mum or dad are fine one day, then suddenly they’re in hospital and your local ACAT (aged care assessment team) are saying they need permanent residential care in a hostel or nursing home. It can be quite a shock. Especially when you’re confronted with the costs. One of the first questions many families ask when an elderly relative is assessed is: what is an accommodation bond...
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Retirement village units & aged care – the value of financial planning: Case Study
Keeping the family home when moving into an aged care hostel can often be the best option. Depending on an individual’s circumstances it may be better for age pension and aged care fees. However sometimes it is not possible to keep the former home due to the family’s financial position. A large percentage of retirement village contracts, force resident to sell their unit or villa when...
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The 5 BIGGEST aged care mistakes to avoid at all costs!
We hear this a lot. It’s probably the most common refrain from people experiencing the aged care process for the first time. And it’s certainly the main reason people approach us for help. Yes it is complex, but mistakes and oversights by the resident & their family can make it much, much worse. We’ve been providing aged care financial planning advice to Sydney for years...
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New financial advice team for aged care industry and residents in Sydney
Today, I’m delighted to officially launch the website and blog for Sydney Aged Care Financial Advisers. My colleague Michael Johnson and I have been providing specialist financial planning advice for people going into care for several years now. Some months ago we identified an opportunity to create a new brand within the firm that more fully reflected our focus on aged care. Our directors Josie...
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