As we age, some of us may find it difficult to manage living in our own home
A move into aged care is a decision that affects your lifestyle, social security entitlements, finances and estate planning arrangements
The best way to find a suitable home is to visit a few. The final decision could be based on cost, but ideally will also include the quality and reputation of the facility and proximity to family and friends. Also consider lead time, as some facilities will put your name on a waiting list.
To secure your place, you may be asked to pay an accommodation payment or contribution which will vary with each aged care provider. You have 28 days from entering an aged care home to decide whether to pay the accommodation payment or contribution as a lump sum, daily payments or a combination of both.
You will also be required to pay further fees to cover ongoing care.
A basic daily care fee is standard to all residents whilst a means-tested care fee may also be payable depending on your income and assets. Some providers also charge an extra services fee. The government may subsidise some costs associated with an approved aged care home so you need to be assessed by an Aged Care Assessment Team (ACAT) for eligibility. An assessment can be arranged by a family doctor, MyAgedCare or you can contact ACAT directly.
By planning a thoughtful, proactive transition into aged care and contemplating your future needs, you can prepare and have certainty for the next stage of your retirement. Visit carrickaland.com.au/aged-care-planning or call Carrick Aland Wealth Planning on 1300 466 998.
Carrick Aland Wealth Planning is Millennium3 Practice of the Year 2022 and Greg Burton is an accredited FPA Aged Care Specialist.
Contact Carrick Aland’s award-winning Wealth Planning team on 1300 466 998 or visit carrickaland.com.au/wealth-planning/.
This report is prepared by Bridges Financial Services Pty Limited ABN 60 003 474 977 AFSL 240837 (Bridges). Bridges is an ASX Market Participant and part of the IOOF group of companies. This report is prepared by the IOOF Research team for: Bridges Financial Services Pty Limited ABN 60 003 474 977 AFSL 240837, Consultum Financial Advisers Pty Ltd ABN 65 006 373 995 AFSL 230323, Elders Financial Planning ABN 48 007 997 186 AFSL 224645, Financial Services Partners ABN 15 089 512 587 AFSL 237 590, Millennium3 Financial Services Pty Ltd ABN 61 094 529 987 AFSL 244252, RI Advice Group Pty Ltd ABN 23 001 774 125 AFSL 238429, Shadforth Financial Group Ltd ABN 27 127 508 472 AFSL 318613 (‘Advice Licensees’). The Advice Licensees are part of the IOOF group comprising IOOF Holdings ABN 49 100 103 722 and its related bodies corporate (IOOF group). The Advice Licensees and/or their associated entities, directors and/or employees may have a material interest in, and may earn brokerage from, any securities or other financial products referred to in this document or may provide services to the company referred to in this report. The document is not available for distribution outside Australia and may not be passed on to any third person without the prior written consent of the Advice Licensees. The Advice Licensees and associated persons (including persons from whom information in this report is sourced) may do business or seek to do business with companies covered in its research reports. As a result, investors should be aware that the firms or other such persons may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as a single factor in making an investment decision. The document is current as at the date of issue but may be superseded by future publications. You can confirm the currency of this document by checking the intranet site (links below). The information contained in this report is for the sole use of advisers and clients of AFSL entities authorised by the Advice Licensees. This report may be used on the express condition that you have obtained a copy of the Advice Licensees Financial Services Guide (FSG) from their respective website. Disclaimer: The information in this report is general advice only and does not take into account the financial circumstances, needs and objectives of any particular investor. Before acting on the advice contained in this document, you should assess your own circumstances or seek advice from a financial adviser. Where applicable, you should obtain and consider a copy of the Product Disclosure Statement, prospectus or other disclosure material relevant to the financial product before making a decision to acquire a financial product. It is important to note that investments may go up and down and past performance is not an indicator of future performance. The contents of this report should not be disclosed, in whole or in part, to any other party without the prior consent of the IOOF Research Team and Advice Licensees. To the extent permitted by the law, the IOOF Research team and Advice Licensees and their associated entities are not liable for any loss or damage arising from, or in relation to, the contents of this report. For information regarding any potential conflicts of interest and analyst holdings; IOOF Research Team’s coverage criteria, methodology and spread of ratings; and summary information about the qualifications and experience of the IOOF Research Team please visit https://www.ioof.com.au/adviser/investment_funds/ioof_advice_research_process.
