Aged care is one of those things in life that needs advanced planning.Everyone has a unique admission process for nursing homes. In many circumstances, the parent’s health declines gradually over time, giving families plenty of time to prepare and gather information.
The rapid and unexpected change in their loved one’s health or condition, on the other hand, overwhelms other families. This situation may necessitate quick action, leaving them unable to handle the real difficulties of obtaining official admission to a residential aged care home.
Wherever possible you must plan ahead for aged care financial planning with the help ofAgedCare Financial Adviser. You may need financial advice on 5 occasions:
When an accommodation bond is payable
You could require assistance if an elderly care bond, or what will soon be called a Refundable Accommodation Deposit is due.
When you can’t or don’t prefer to sell your family home
Perhaps one parent is now in foster care while the other one is still living at home. Or perhaps your parents simply cannot stomach the idea of having to sell the house to cover the bond. In these situations, there can be alternative ways to cover nursing home fees and cost.
When asset values are high
Consider obtaining financial guidance if your parents own valuable family property or a sizable amount of assets. You run the danger of losing benefits or having to pay more fees.
When receiving an aged pension
If the finances for their care are not properly managed, new aged care residents who receive a full or partial pension could have their pension reduced. Additionally, it would be feasible to arrange the payment of bonds and fees such that, if none had previously been paid, an additional or new elderly care pension is given.
New legislation and rule changes
The introduction of the Living Better, Living Longer reforms will result in a significant transformation of Australia’s aged care system starting on July 1, 2014. You might want to seek counsel now because the financial planning industry anticipates significant uncertainty when these changes take effect.
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