The financial decision making around moving into aged care is one of the most confusing aspects of the aged care process. Pair this with the whirl of emotions involved and you have yourself a perfect storm that can lead to rash decisions that could have a negative impact on your ongoing financial security.
Getting aged care financial advice can help you develop a good understanding of your financial position and what impact that will have on your aged care costs. Gaining this financial clarity before you need to access aged care can help you make a considered decision that will suit your financial, lifestyle and care needs.
A good place to start for basic information on managing your finances around an impending need for aged care is the Department of Human Services’ free Financial Information Service. This is a confidential service that can help you make informed decisions about investment and financial issues. This is a good initial step to not only understand your own finances but to also wrap your head around aged care asset and means testing.
For a more detailed assessment of your finances and advice on how to manage your investments and aged care costs you will need to visit a financial adviser. Financial advisers can help you with wealth management and estate planning and can give advice on managed funds and other financial products. Choosing a financial adviser or planner with knowledge and experience with the aged care sector will help you navigate the costs involved and make sure your chosen aged care model and provider is an affordable choice in both the short and long term. The MoneySmart website has information on how to choose the best financial adviser for your needs.
Getting professional advice from a financial adviser can help you make financial decisions for not only your aged care needs but for your estate.
A good financial planner should help you:
Before you seek financial advice, get a good understanding of the aged care options available so you can ask specific questions about how the costs of these will differ when your finances are taken into account. This can help you weigh up the options from a financial as well as a care and lifestyle perspective to ensure you get the right solution for your care needs now and into the future.