While aged care homes or nursing homes can provide a necessary level of care, they can also be expensive. This can be a burden for you and your family. If you’re not prepared, they can quickly drain your bank account. Fortunately, there are ways to protect your financial assets from being used to pay for nursing home costs. In this blog post, we will discuss some of the ways to protect your finances during and even before this difficult time.
1. Seek financial advice from a financial adviser beforehand
It’s important to start planning early, even before you or a loved one enters a nursing home. You should seek professional aged care financial advice to help you understand the costs and how to best protect your assets. This will allow you to create a solid plan that will safeguard your money while still ensuring that you have the aged care you need.
2. Shop around for the best deal
Not all nursing homes are created equal. Some are more expensive than others, but that doesn’t necessarily mean they’re better. When you’re looking for a nursing home, make sure to compare the cost of care as well as the quality of services. This will help you find the best value for your money, helping you to keep more of your assets in the long run.
3. Ask for help from the government
The Australian government has a financial assistance program called financial hardship assistance. This program is designed to help eligible nursing home residents who are struggling to pay for their nursing home costs. It is important to note that this program is means-tested. This means that your assets will be taken into consideration when determining your eligibility for assistance. If you’re qualified, your basic daily fee, means-tested care fees, and/or accommodation fees may be shouldered by the government either entirely or in part.
4. Receive support from family and friends
This might be a no-brainer, but it is still worth mentioning. If you have family and friends who are willing and able to support you financially, you can ask them to contribute to your nursing home costs. Of course, you should only do this if you’re comfortable with it and if they’re able to contribute without putting themselves in a difficult financial situation. This will take some of the burdens off of your shoulders and help you protect your financial assets.
5. Negotiate with the nursing home
Finally, you can try to negotiate with the nursing home. This may be a difficult process, but it’s worth a try. If you’re able to negotiate a lower rate, you may be able to save some money on your nursing home costs. It’s important to remember that this is a negotiation, so you’ll need to be prepared to compromise.
These are just a few of the ways that you can protect your financial assets from nursing home costs. It’s important to remember that every situation is different, so you’ll need to consider what will work best for you and your family. If you’re unsure of what to do, it’s a good idea to speak with a financial adviser or lawyer. They will be able to help you make the best decision for your unique situation.
