What does Aged Care mean for you and your family?
Aged care in Australia can be a complex topic. The uncertainty around where to move, the costs associated and how to pay for these expenses can be stressful and at times overwhelming. Qudos Bank can help you or your loved ones navigate this complex area by working with you to develop a tailored Aged Care plan that may reduce your ongoing cost in Aged Care and maximise your Aged Pension eligibility.
Before moving into an aged care facility there are three steps that need to be taken into consideration, and we can provide a financial advisor to assist you to make an informed decision.
Before a plan can be prepared or any decisions can be made, the health of the person requiring care must be assessed to determine their eligibility for care. The assessment can be performed by a doctor, nurse or social worker who is a member of an Aged Care Assessment Team (ACAT, or ACAS in Victoria).
2. Finding an Aged Care home
Once a health assessment has been completed and deemed eligible for care, you will then need to search for a home to suit your needs. It is recommended that you visit a few facilities to assess what’s best for you or your family member.
3. Organising Finances
When you have been accepted into your chosen age care facility, you will be required to pay an accommodation contribution or accommodation payment. The Department of Human Services (DHS) will advise if the Government will contribute to this payment and how much based on your asset and income assessment.
In addition, there will be a basic daily fee payable to the aged care facility. This may be determined by your level of income and assets, as some facilities can offer a greater level of service or standard of accommodation for an additional daily fee.
We can help with the many financial decisions you might face and develop a plan best suited to the care you require for yourself or your loved ones.
Please contact us on 1300 787 787 to book an appointment with our financial advisor to discuss your aged care needs further.
ClearView Financial Advice Pty Ltd ABN: 89 133 593 012 AFSL: 331 367. Qudos Mutual Limited trading as Qudos Bank receives commission for referrals to ClearView, refer to Qudos Bank’s Financial Services Guide (FSG) for more information.
This page is intended to provide general advice only and has not been prepared to provide particular recommendations for any particular individual and has not taken into account any clients objectives, financial situation or needs. Before making an investment decision on the basis of this advice you need to consider, with or without the assistance of an advisor, whether the advice is appropriate in light of your particular investment needs, objectives and financial circumstances.