Talking about aged care financial advice can send retirees to a range of different subjects. From dealing with doctors and physicians to locations that are close to family and additional services that improve quality of life, there is always something on the agenda for men and women. While the noise can be extensive and the policies can be confusing, it is important to have a couple of key points in mind.
Some Costs Are Unavoidable
While there is flexibility to be enjoyed with aged care financial advice, those elderly citizens who are transitioning to a new home won’t be able to escape some of the outstanding costs and fees that are included. From the means-test fees that help to judge eligibility and suitability to the basic daily fees and accommodation fees that cover living costs, these provisions are built into the program. Once they have been factored into the equation, then constituents have more scope to work through other services that will improve quality of life.
Planning Requires Input From Multiple Parties
It is impossible to navigate aged care financial advice just by looking at the medical demands. The same principle applies to those individuals and couples who only consider the lifestyle requirements. This is an exercise in consultation, working with doctors, medical specialists and family members as they look at what kind of living arrangements are best geared for the client. Rather than accepting one voice on face value, participants should be discussing these matters with a number of contacts before recognising what they need moving forward.
Financial Arrangements & Resources Are Flexible
From a self-managed super fund (SMSF) to an aged care pension, government subsidies, superannuation savings, investment portfolios and sales of domestic assets, there are a myriad of solutions that are possible to finance an aged care program. This is one of the major takeaways that clients will discover as they navigate the field of aged care financial advice, whether that arrives in a professional capacity or purely through anecdotal evidence and back channel talks. Some of these options won’t be possible for certain individuals, but others will be open to interpretation as individuals discuss the subject in-depth with their accountant.
Options & Policies Are In Flux
What is true for 2021 with aged care financial advice might not 100% apply with 2022 and so on. These policies and provisions are in flux from one government to the next and between private providers who have their own approach and program. This is why it is important to talk these matters over with professionals and keep in contact with them to ensure that requirements and demands are upheld, even if plans are likely to change in the intervening months.
Professional Intervention is Beneficial
Local community members should not expect to spend hundreds or thousands of dollars on top of the line aged care consultants. With this being said, it is beneficial to have talks with these representatives, no matter how formal or otherwise they happen to be. Given the challenges involved with navigating through different providers and market expectations, it helps to differentiate between fact and fiction and outline some opportunities that might not have been explored.
Taking Time to Assess & Reflect is Important
The worst approach that individuals could make with aged care financial advice is attempting to rush the process. Balancing the books and finding initiatives that are designed for their optimal lifestyle needs is not something that can or should be expedited under any circumstances. Surveying the market and consulting with key members will take a matter of weeks and even months in some instances, so it is important for citizens to recognise what they stand to gain and lose with aged care financial advice.