Let’s face it, the journey to aged care can be a challenging time for the resident and the entire family. We know you only want nothing but the best for yourself or for your loved one. But this doesn’t mean that aged care system should take up all of your energies. Help is available. One thing you need to know is there are some key...
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I was recently invited by 2UE, Talking Lifestyle to discuss some tips and traps of aged care finance. A summary of the content discussed is available on the Aged Care 101 website here. People are struggling with the cost and complexity of aged care – especially entering a nursing home. The Australian aged care system has undergone extensive changes recently that will have a significant impact on the finances of...
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The current residential aged care system rewards residents who are able to move to an aged care facility and rent the former home in order to help pay their daily accommodation payment (DAP). Depending of how the family structure their finances, it is possible to ensure that the rental income does not count towards the aged care means tested fee calculation. This loophole is closing...
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Men are less likely to take advantage of elderly and aged care services, a new study reports. According to a report released by the Australian Institute of Health and Welfare (AIHW), older men are less likely to use aged care services. In Sydney, for instance, it is estimated that only about 30% of those who availed home care services are men. “Older men typically value outdoor activities...
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If you were asked about how you want to live the last years of your life, what would you say? Would you like to live your life to the fullest, travel the world, or spend more time with your grandchildren? We usually have everything planned out when it comes to our advanced years but have we thought about how we want to die? This always...
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It is National Dementia Awareness Month this September, an event that we here at Sydney Aged Care Financial Advisers think deserves support. Dementia is a very confronting disease. It is often a hard road for both the person with the condition and their family, but with strong cooperation and support from relatives and community, dementia can be faced bravely by anyone. However, there are many misconceptions...
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From today (1 July 2014) the aged care system in Australia undergoes massive change. The Living Better, Living Longer Aged Care reforms become law, after five years of industry & community consultations. Two federal governments, three Prime Ministers and countless reviews later the moment has arrived. How will it affect you? We make some predictions below with our post Nursing Home Fees Up? New Aged Care Laws...
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Ok, you’ve officially begun the aged care journey….. Maybe you have a parent or much loved family member whose health is quickly deteriorating; or they’ve just had an ACAT assessment ? Your head is probably spinning with questions. Where to from here? What’s next? Have I missed anything? Aged Care Guide: 6 Essential Nursing Home Tips for Family is designed to map out the key aged...
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Like most things in life, when it comes to aged care some forward planning helps. The process of admission into nursing homes is different for everyone. In many cases, mum or dad’s health deteriorates slowly over a long period of time and families have plenty of warning to get prepared and seek information. Our free guide to aged care finances is a useful resource for...
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As financial planners who specialise in aged care advice, one of the most common questions we get asked is: do I need to sell my home to pay the aged care bond and nursing home costs? The quick answer is ‘maybe’, but increasingly ‘no’. What do I mean by this? First, let’s start with the typical problem. You or a family member have been confronted...
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