Aged Care (Part 1)

Part 1 of our article on Aged Care from our 4 part Aged Care Series

aged-care-1The most difficult part of anyone’s life could well be when they need to place a loved one into Aged Care.

Not only is it emotionally draining, but it is probably one of the most complex financial decisions you will ever have to make.

You need to have an expert in your corner.

Seeking financial advice from an aged care specialist during this time can ensure that the decisions you and your family make will be the right decisions, whilst taking into consideration the impact to their (and your) financial situation, age pension entitlement, and aged care costs.   Making the wrong decision could result in a loss of age pension, increased aged care costs, and a reduced estate to be passed on to the next generation.

Financial Stability is able to assist you, and are keen to find the right solution for your individual circumstances.

To be eligible to enter an Aged Care facility, it is first necessary for a resident to undergo an assessment of their physical and mental ability. This is undertaken by the Aged Care Assessment Team (ACAT), which is instigated by a request from the family doctor.

Based upon the results of the assessment, ACAT will then determine whether the client requires “home care” or needs to enter an Aged Care facility as a resident.

Once the ACAT assessment has been completed and the level of care established, Centrelink (Department of Human Services) or Vet Affairs (Department of Veteran Affairs – DVA) will then assess the resident’s ability to pay fees for the Aged Care accommodation and services.

In our next article, we will cover Centrelink and DVA requirements, as well as pointing you in the right direction to find the right Aged Care facility.

Click here to read Aged Care (Part 2)

Financial Planning Information

The information on this website is provided for general information only, it is not advice. It has been prepared without taking into account your particular financial needs, circumstances and objectives. You should consult your financial adviser before making any investment decisions.

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