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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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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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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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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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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