The wave of older Australians will continue to grow over the coming decades. As such, we can no longer afford to ignore the issues around aged care with over 1 million retirees already accessing aged care services in Australia.
Planning ahead can help to demystify aged care and reduce stress levels. With awareness and pre-planning, you can maintain control and choice, have access to the financial resources to pay for care and minimise the stress on you and your family. Getting the right information and advice now will help you make the best choices for your future care, security and happiness.
Most people are often surprised by the level and range of fees, and the amount you pay will often depend on the service you choose, and your assessable assets and income.
The cost of care can be divided into the following categories:
– Baily Daily Fee, Means Tested Fee, Accommodation Costs and Extra Services Fee.
For most people, the biggest concern is how to pay the large amounts quoted for a room. These range from around $100,000 to $2 million but will commonly be between $400,000 – $600,000. These lump sum payments are called Refundable Accommodation Deposits – RADs.
Seeking financial advice on what options you have for payment and funding strategies may help to minimise your stress. Let’s examine some of the facts around accommodation payments.
Advice from a professional who is experienced in aged care can help you to make the right decisions and ensure your finances are structured correctly to optimise your financial position. If you or someone you know would like to discuss their aged care needs, please do not hesitate to contact our office for a no-obligation consultation.