The Cost Of Ignoring Aged Care Advice

Author: Rosie Copp

Deciding to enter aged care, even as a couple, can be a confronting journey full of change. When couples decide to enter care together, they can seek out the support of a qualified Aged Care Financial Planner to navigate the unfamiliar process, endless paperwork and complex decision-making with them.

Advice that couples commonly receive is that they must stagger their entry date into aged care in order to minimise aged care costs. However, this is not true in all cases and making the decisions without completing due diligence can end up costing you more in aged care fees.

In addition, there are often estate planning matters that need to be reviewed to ensure that any changes to the Estate are reflected in the Wills and that the Estate is managed in the clients’ best interests.

We recently had an example whereby clients were advised to stagger their entry into care by numerous sources. It wasn’t until we reviewed the numbers that we were able to identify that staggering the entry dates would have cost the couple potentially $177,369 more in their accommodation deposit!

In addition, there were significant issues with each of the parents’ Wills which would have resulted in increased aged care costs, reduced pensions and two children not receiving their inheritance as per their parents’ wishes.

Qualified Aged Care Financial Planners are there to understand the rules and regulations around Residential Aged Care and make the complex simple for our clients. We will run the calculations, guide you through the workings, review your Wills, ensure that we optimise your pension entitlements and reduce your aged care fees wherever possible.

Aged Care Advice is advice you can’t afford to ignore. If you or someone you know is entering Aged Care as a single or couple, receiving professional advice from a qualified Aged Care Financial Planner is crucial to ensure you have peace of mind knowing that you or your loved one have the quality of life in appropriate care, achieved with financial efficiency and peace of mind knowing there is a financial strategy to take care of the future.

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