When the time comes for you or a loved one to transition into residential aged care, financial advice can help make the transition a smooth and easy one.
During this time of emotional upheaval, you may feel confronted with multiple meetings with aged care providers and what seems like endless paperwork.
The unfamiliar process requires effective decision-making, and it can take a toll on the entire family. Imagine if you didn’t need to navigate the process alone.
Newcastle Financial Planning Group (NFPG) can support you through the process whether you are:
- Considering your own aged care options for the future;
- In a position where you urgently need to find yourself a residential aged care placement; or
- If you are responsible for finding care for a close relative or loved one.
With the advice of an Accredited Aged Care Professional, you can smoothly navigate this process, receiving the professional advice you need to create effective financial solutions that provide peace of mind and an ideal lifestyle for you and your family.
Whether it’s about questions on the requirements for eligibility, an explanation of how the assessment will be conducted, or detailed information on the range of aged care options, NFPG Aged Care Specialists can provide you with helpful information and advice. They can also advise families on:
Costs & Accommodations
The entry and ongoing costs of aged care services and accommodations, and how an aged care placement may affect current Estate Planning arrangements.
Financial Strategy for Investments & Assets
Financial advice can help you and your family navigate what happens to the family home, as well as how investments and finances can be structured to ensure long-term income, capital security and tax efficiency.
Centrelink & Entitlements
How Centrelink entitlements and ongoing income may be affected by transitioning into aged care and all the information you need to know to make financial decisions.
Let’s Work Together to Achieve a Positive Outcome
The NFPG team will work with you, your family, solicitor, accountant, and Aged Care Provider to achieve the following outcomes for you:
- Provide you with the appropriate information to help you negotiate with aged care facilities, to ensure you secure the desired placement and acceptable fee structure.
- Decide on the most favourable strategy for the family home to optimise accommodation costs and pension entitlements.
- Calculate if an accommodation payment or contribution is payable and how you can effectively structure your assets to fund this.
- Evaluate options for paying a refundable accommodation deposit or daily accommodation payments while ensuring that Centrelink benefits are not negatively affected.
- Determine how ongoing accommodation fees can be minimised and pension entitlements can be maximised, through the structuring of investment assets and implementation of financial planning strategies.
- Maximise access to additional benefits, such as the Commonwealth Seniors’ Health Card.
- Use the financial planning strategy to structure financial and personal assets in order to maximise tax efficiency.
- Structure the Estate Plan to ensure the transfer of assets to beneficiaries is in line with your wishes.
- Perform a regular strategy review to maintain the effectiveness of your strategy.
Find out more about your personal retirement options – speak with a Newcastle Financial Planning Advisor.
Now you know the basics of aged care financial planning, it’s time to get into the details. You should consult a financial planner who specialises in aged care advice.
You should also be prepared to make some decisions about what you want in terms of your finances and how much money you can afford at this stage in life – don’t be afraid to ask questions or explain your concerns at this stage.
Aged Care Financial Advice Newcastle FAQs
Aged care services are available in different forms depending on the level of care required and incur different aged care fees – though there may be funding options available depending on your personal circumstances. These include in-home care, residential care, and respite or short-term care.
Yes, you can choose from different aged care providers. It’s best to talk to your Aged Care Specialists to understand the services you need as you journey into aged care.
There are different organizations offering free services that can help you figure out your options, such as My Aged Care, Money Smart, and Life Checks.
Our Accredited Aged Care Professionals have made it their passion to help alleviate the worries of families experiencing the Aged Care process and will support you no matter where you are based.
NFPG will work with you to ensure your Aged Care strategy is completed in a timely and stress-free manner so that you can focus on what matters most.
Once you or your family member are settled into aged care accommodation, you can relax knowing that you or your loved one has quality of life with the appropriate care. Having a financial strategy to manage aged care costs and all the benefits of care services will achieve greater financial efficiency and peace of mind.
Working with an Accredited Financial Adviser who has experience in Aged Care Financial Advice relieves the pressure and gives you confidence and peace of mind to know you are making the best choices – the value to you can be significant.
Our advice is fee-for-service, based on the time taken to prepare and provide the advice you require.
If you would like to work with our experienced Aged Care Specialists and Support Team, the minimum fee to receive advice is $4,400 incl. GST, and our services include:
- An initial discovery call
- Completion of our Aged Care Questionnaire
- Review of the Questionnaire and follow-up discussion if required
- Research and preparation of a Comprehensive Aged Care Strategy Paper specific to your circumstances
- Final meeting including presentation of the Strategy Paper, answer any questions you may have and discuss any associated issues.