My aged care independent financial advice

My aged care independent financial advice

by Christine Hopper

My aged care independent financial advice need

My aged care independent financial advice need arose when my family tried to understand my potential aged care costs.  I need residential aged care before I have another nasty fall at home. Whilst I own my home, I have just $40,000 in the bank. My only income is the full Age Pension. The family want me to move into the lovely community aged care place near my current home. But can I afford it if I only have the Pension?

Residential care fee estimates but not aged care financial advice

The family tried my aged care website but it only generates estimates based on our data. My aged care estimator showed that I cannot be asked to pay a means tested care fee.  The result also indicated that the amount that I pay for accommodation is to be agreed between me and the aged care home.

My family need aged care independent financial advice to show us if I can afford our preferred aged care facility. If we sell my house to pay for my aged care accommodation would I lose my Age Pension? Also, if we sold my house does that change my aged care means tested care fee?

We could not work out what happens to my Age Pension if my house were sold. But we needed to feed in my revised Age Pension, to get an estimate of any revised means tested care fee after selling the home and paying the RAD.

My family need aged care independent financial advice

A consultation with Financial Care Services clarified my aged care position. Christine at Financial Care Services illustrated my aged care costs both immediately on entry and with the house sold to pay the accommodation costs.

Better still, Christine showed us how negotiating a reasonable Accommodation Room Price would help my aged care finances. Paying some Refundable Accommodation Deposit, RAD, impacted on my Age Pension amount. Therefore Christine illustrated how varying the RAD could change both my Age Pension rate and my means tested aged care fees.

Finally we were able to discuss the potential for leasing my home rather than selling it. Using much of my bank balance to pay some Refundable Accommodation Deposit, RAD, would allow me to rent out my house and pay my aged care fees. Christine explained that not all aged care entrants could generate enough rental income to cover their aged care fees.

My family paid for my aged care independent financial advice

Aged care independent financial advice is not free. My family were happy to pay for my aged care independent financial advice so that we knew we were receiving real advice for our situation.

We chose Christine at Financial Care Services to provide our family with professional advice about aged care entry. Christine explained the aged care fee system and showed us estimated scenarios so that we understood the aged care fee structure.

We were informed of the dollar amount of the Financial Care Services’ fee for financial advice regarding my aged care entry before we booked our family consultation.  Financial Care Services charges flat fees based on the time and expertise required to advice each client. Financial Care Services does not accept commissions or kickbacks from other businesses.

I was happy with the fee to Financial Care Services. The fee for good independent financial advice before I entered residential aged care has saved me money on my aged care costs. My family are pleased that we all understand how I can afford my aged care.

Christine at Financial Care Services is licensed to advice regarding financial products but she did not try to sell us an annuity. When my son asked about an annuity, Christine explained how annuities work.  She explained that in my case the small reduction in aged are fees could be far less than the costs of establishing the annuity. .

Contact Financial Care Services for independent aged care financial advice

Contact Financial Care Services now for independent aged care financial advice before you commit to an aged care place for your family member.

Remember that once your loved one has entered the aged care facility you have limited scope to negotiate a lower Accommodation Room Price. If you have paid a RAD equivalent to the full Accommodation Room Price then you might have limited your options for retaining the home for long term rental.

Contact Financial Care Services by email for the Aged Care Checklist, the essential data for estimating your family member’s aged care costs. You will also receive the Financial Services Guide for Christine Hopper of Financial Care Services.

Call Christine at Financial Care Services on 03 9808 0338 to make an appointment for aged care financial advice.

A consultation with Financial Care Services helps you understand your potential aged care costs together with the DVA and Centrelink implications of rearranging your assets, leasing or selling the former home.

Financial Care Services welcomes clients from Melbourne and beyond.

Assistance with completing the Commonwealth aged care means testing forms is available to clients of Financial Care Services.

Financial Care Services is licensed to offer investment strategy advice and to assist you to invest. Financial Care Services charges flat fees based on the time and expertise required to advice each client.  Financial Care Services does not base fees on the value of your assets nor do we accept any commissions or payments from other service providers.

Arrange an appointment for further confidential, independent and professional advice about DVA, Centrelink, lifestyle or financial issues please contact Christine Hopper 03 9808 0338.

Disclaimer: The information contained in this website is of a general nature only and does not constitute “financial advice”. You should obtain your own personal financial advice before investing any money or moving in to any retirement village, lifestyle community or aged care facility. Financial Care Services is licensed to provide financial advice to individual clients based on their personal situations. © 2016 Financial Care Services Pty Ltd. All rights reserved.