Volume 8 Edition 6 Financial Care Services Newsletter

Online at :Permalink: https://financialcareservices.com.au/newsletters/vol-8-ed-6/ ‎

Financial Care Services Newsletter by Christine Hopper

Financial Care Services, the specialist adviser to seniors in transition to new lifestyles

Volume 8 Edition 6 – 30 June 2018

Timing the transition to a new lifestyle in a new style of home.

Wisdom is recognising that your current home might soon be inappropriate for your needs and having the courage to sell up and buy into ‘seniors friendly’ accommodation. But what is inappropriate housing for a senior?

Inappropriate housing is where:
• the garden is a burden to be managed not a sunny paradise to be enjoyed;
• the front steps provide character to the building and character-building opportunities during recovery from bruised faces and fractured limbs;
• watching the guests navigate the web of extension leads across the lounge room floor is more enthralling than anything on the latest electronic entertainment systems;
• the electricity bills are huge and so are the spaces to be heated (or cooled) all day now that you do not rush off to work in the morning;
• thorough cleaning of the kitchen leaves you thoroughly exhausted: those ‘hard to reach’ spots have become impossible for you to reach;
• the toilet is in a small dark slot off the laundry far from the nice front bedroom, don’t forget that last step down just beyond the kitchen door;
• the only shower is over the claw footed bath accessible only to the agile and sure footed.

If your current home could become inappropriate for you within the next five years then now is the time to plan your move.
Remember, you will need stamina and good health to actually establish yourself in your new home and get to know your new neighbours.

But to where? What are the options for seniors housing?

If you still want to tend your own small garden and/or keep an active animal companion then consider a small single level townhouse or retirement lifestyle community village unit. Beware of staircases and split level dwellings: they are the precursors of limbs encased in splints, split knees and spilt coffee. The bathroom needs to be spacious enough to accommodate a frame over the toilet, a chair under the shower, a carer to help with showering and turning space for the walking frame.

If you want to be able to just ‘lock and leave’ to go travelling and/or you really do not want any outdoor responsibilities then consider a suburban lifestyle community residence or a retirement lifestyle community village apartment in a garden setting.

If you are mentally agile but physically beyond housekeeping then an assisted living apartment could provide you with a private space together with access to communal dining and recreation facilities.

Wherever you choose to call home, you could apply to have government sponsored ‘help to stay at home’. This help could be house cleaning, meals on wheels, ‘personal assistance’ to get you showered and dressed or someone visiting each day to dispense your regular medication.

Be warned: the demand for these ‘help to stay home’ services could exceed the number of care and service packages the government offers in your area. Hence you might need to wait many months for your turn to start accessing a government sponsored service and/or make your own arrangements with commercial providers.

Finally, if you are no longer able to live safely at home because of frailty and/or dementia then residential aged care could provide a secure and caring home away from home. The system of fees and charges for Commonwealth regulated aged care is complex. The Commonwealth hopes that you will pay all of your hoteling costs and most of your care costs.

Before you sign up for a family member to enter permanent residential aged care ask Christine to illustrate the full range of costs and the Centrelink implications of retaining or selling the current home. Selling the former home to pay for aged care accommodation could reduce the Age Pension payment rate whilst increasing the means tested aged care fees. Call Christine at Financial Care Services to start your aged care consultation.

Christine is familiar with the Centrelink Asset and Income forms for Residential Aged Care. She could also assist you with collating your personal data and completing the Centrelink forms for you to sign. A visit to a Centrelink office could be required to ‘prove your identity’ if you have not recently updated your status at Centrelink.

Christine is happy to help with forms and go with you to Centrelink. Normal hourly rate consultation fees apply for assistance with personal data collation, completing Centrelink forms and attendance at a Centrelink office with you.

But what happens to my Age Pension on changing homes?

Money left over after moving to your new home would be a ‘financial asset’ for Age Pension purposes. For example, consider Betty a homeowner on a full Age Pension. If Betty sold her suburban house for one million dollars and paid $600,000 as the ‘ingoing price’ for a lifestyle community apartment then she would have the other $400,000 as an additional ‘financial asset’ at Centrelink. Betty’s Age Pension could be reduced substantially by the Asset Test so that Betty would be using her financial asset to finance her daily living costs.

Before you commit to selling up and moving to a new home consult Christine at Financial Care Services about the impact on your Age Pension.
Becoming a self-funded retiree is great once you have adjusted to not having a Pensioner Concession Card.

Getting the Commonwealth Seniors Health Card from Centrelink could reduce your pharmacy costs to Pensioner levels. But it helps to know in advance that once your home is sold you will need to apply for the Seniors Health Card. Centrelink do not issue or even offer, the Commonwealth Seniors Health Card to people whose Age Pensions are cut off by changing homes.

Help with navigating the Age Pension system

Christine at Financial Care Services understands many of the Centrelink rules about Age Pensions. Christine could help you check your entitlements and estimate your revised Age Pension rate after changing homes.

Contact Christine to arrange a consultation for ‘personal financial factual information’ about the potential changes to your Age Pension when you move home. Checking your ongoing financial eligibility for the Age Pension before you move could spare you an unexpected letter from Centrelink terminating your Age Pension.

Christine could also assist you with collating your personal data, estimating how much Pension you could expect to receive and completing the Centrelink forms for you to sign. Normal hourly rate consultation fees apply for assistance with personal data collation, completing Centrelink forms and attendance at a Centrelink office with you.

Call Christine at Financial Care Services now on 03 9808 0338 to start thinking through the Age Pension implications of moving home.

New header for a new era of Financial Care Services, the specialist adviser to seniors in transition to new lifestyles.

The range of services available from Financial Care Services is changing as Christine Hopper also considers transitioning to a long deferred retirement.

Christine at Financial Care Services will continue to offer assistance in understanding Centrelink matters. Personal financial factual information consultations regarding your entitlements to Age Pension and Health Cards will still be available from Financial Care Services.

Christine has neat clear handwriting. She is here to help you complete your Centrelink forms and attend a Centrelink office to present your identity documents.

Christine will continue to assist families to understand the costs of residential aged care. Illustrations of the costs of residential aged care at different Accommodation Price points are prepared to show the impact of paying various levels of RAD and retaining or selling your former home. The Centrelink implications for both Age Pension entitlements and Means Tested Care Fees for residential care are included in the aged care cost Illustrations from Financial Care Services for your family members.

Christine Hopper has been the only Responsible Person and the only Authorised Representative of Financial Care Services for the purposes of its Australian Financial Services Licence, “AFSL”. Consequently Christine has not be able to be away for the business for more than a few days since Financial Care Services was established in 2005. No holidays away and no time to be sick.

The time has come for Christine to start transitioning toward retirement while she is still in excellent health. As a first step, Christine asked ASIC to cancel the Australian Financial Services Licence of Financial Care Services Pty Ltd so that she could take a holiday occasionally. ASIC agreed to cancel the AFSL effective 21 June 2018. Therefore Christine Hopper will no longer be authorised to provide ‘financial advice’ to retail clients and Financial Care Services will not advise regarding investment of client money in ‘financial products’.

Christine is now planning a short overseas trip for late 2019. Fiona will be staying here ready to assist with your Centrelink challenges when Christine is away.

The team at Financial Care Services are here to answer your Age Pension questions and guide your understanding of aged care costs. Help with Centrelink challenges is available from Financial Care Services, the specialist adviser to seniors in transition to new lifestyles.

To arrange an appointment for further confidential, independent and professional advice about DVA, Centrelink, lifestyle or aged care issues please contact Christine Hopper 03 9808 0338.
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Financial Care Services your independent adviser

Financial Care Services is an independent advisory service specialising in retirees of modest means and aged care entrants. Our core values include working with clients in claiming DVA and Centrelink entitlements.

Financial Care Services charges fees based on the work involved in advising you about pensions and aged care fee solutions.
To make an appointment for confidential, independent and professional advice about aged care, retirement lifestyle, granny flat or Age Pension issues please contact Christine Hopper or call +61 3 9808 0338.

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Financial Care Services

Christine Hopper
Financial Care Services Pty Ltd
Independent aged care, strategic lifestyle and Social Security advice for seniors in Melbourne, Victoria, Australia
Telephone – call +61 3 9808 0338
Email – contact info@financialcareservices.com.au
Address – mail to 172 Warrigal Road, Camberwell Victoria 3124
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Disclaimer: The information contained in this newsletter is of a general nature only and does not constitute “financial advice”.
All eligibility for Commonwealth benefits will be determined by Centrelink or DVA, based on your personal position as documented and the legislation and Regulations in force at that time.