01 July 2014
An Action Plan for families of aged care residents
Is your family exploring aged care options for yourself or your loved ones?
The move to aged care is often a distressing and rushed decision made by families when no other choice is available, however with the right advice you can significantly minimise the financial and emotional impacts of this decision.
Recently there have been many changes to the aged care system in Australia, including a greater focus on user pays.
Keys areas of change include:
• The introduction of the life time care caps ($60K);
• Means tested care fees;
• Removal of exemption bonds from exempt assets for pension purposes; and
• The choice to pay a lump sum (RAD*) or periodic amount (DAP*) when entering care.
Determining the best choices for your family requires careful consideration of the financial position, and an objective analysis of:
• Asset structure;
• Estate planning;
• Cash flow requirements; and
• Financial modelling.
The team at Bentleys have in-depth knowledge of the aged care industry and will provide you with the expertise to help you through this difficult process, planning well in advance so the decision is not a forced one.
We are pleased to make available an assortment of information - including a useful Aged Care Action Plan - which will help to answer initial questions you may have.
If you are investigating aged care on behalf of a family member or yourself, speak with your Bentleys advisor around how these changes will impact on your circumstances.
Alternatively, you can contact Bentleys’ expert on Aged Care Resident Information, Jodi Lupton on 07 3222 9771 or JLupton@bris.bentleys.com.au
*RAD - Refundable accommodation deposits
*DAP - Daily accommodation payments