Aged Care Financial Advice
Morgans Aged Care Advice Service
Aged Care advice service
Our Aged care advice team simplifies the complex aged care system, offering solid financial guidance. We illustrate how the Government may subsidise your aged care costs. We analyse diverse payment choices for in-home or residential care. Additionally, we craft comprehensive cash flow projections over five years, integrating tax offsets and Centrelink exemptions. We also estimate future asset values for your beneficiaries and model the advantages of concessions for your home.
Home care
Our aged care advice team offers valuable insights into Home Care Package subsidies from the Federal Government. We provide clarity on the calculation of basic daily and income-tested fees, emphasising their impact on care hours and cash flow. Additionally, we can guide you through options for fee payments and cash flow management, as well as offering assistance on the process of obtaining an Aged Care Assessment Team (ACAT).
Residential care
When it comes to paying for accommodation in aged care facilities, there are several options available. Residents can opt for Refundable Accommodation Deposits (RAD), where they pay a lump sum that is refunded when they leave, or Daily Accommodation Payments (DAP), which are ongoing rental-style payments. Alternatively, they can choose a combination of RAD and DAP, or opt to pay the DAP from their RAD balance. For those who qualify as low-means residents, there's an opportunity to receive an accommodation contribution subsidised by the Federal Government, which means they won't have to pay the accommodation payment directly. Understanding the financial implications involves grasping how the basic daily fee and means-tested fees are calculated. These fees can impact Age Pension benefits and cash flow significantly. In terms of financing initial costs and ongoing fees, families have various options to explore, including personal savings and selling assets. Additionally, there are considerations regarding the family home. Each option carries its own set of financial and emotional implications, and families should carefully consider their choices based on their individual circumstances.
How does it work?
Contact your Morgans adviser to arrange an aged care advice appointment, which includes:
- An initial free discussion (30 minutes).
- Completion of an aged care questionnaire.
- Review of the returned questionnaire and follow up discussion if required.
- Preparation of a comprehensive aged care strategy paper specific to your circumstances, comparing up to five accommodation funding options.
- Presentation of the strategy paper, answer questions and discuss any associated issues.
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