Aged Care Financial Planning Blog

Five Ways to Protect Your Financial Assets from Nursing Home Costs

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 … Continue reading Five Ways to Protect Your Financial Assets from Nursing Home Costs

Why Aged Care is Important: The Benefits of Senior Living

As we age, our needs change. For some people, this means that they need more help with everyday activities like bathing, dressing, and cooking. That’s where aged care comes in – aged care services provide the support and assistance seniors need to live safe, happy, and healthy lives. In this blog post, we’ll discuss the … Continue reading Why Aged Care is Important: The Benefits of Senior Living

The Importance of Aged Care: Why It Matters for Seniors and Families

Aged care is a vital service that helps seniors and their families manage the challenges of aging. It can be difficult for seniors to live on their own, especially if they have health concerns or mobility issues. That’s where aged care comes in. Aged care professionals can help seniors stay safe and comfortable in their … Continue reading The Importance of Aged Care: Why It Matters for Seniors and Families

EOFY a chance to reduce the cost of aged care

When it comes to residential aged care (what used to be called “Nursing Homes”) many people believe if they don’t have any money, they won’t be able to move in. It simply is not true. Most aged care homes keep a ratio of low means residents and market price payers. Low means residents pay a … Continue reading EOFY a chance to reduce the cost of aged care

What is the difference between respite and permanent aged care?

Respite care supports you and your carer by giving you both a break for a short period of time. It can give you and your carer the time and space to do things independently.  If approved, respite care is available for up to 63 days of care in a financial year. This includes both planned … Continue reading What is the difference between respite and permanent aged care?

Do we need to sign a Caveat or be a Guarantor to Aged Care Providers?

If you are entering aged care, the aged care provider may ask for your family member or legal personal representative (LPR) to sign a guarantee. This is completely normal and every provider has a slightly different policy around it. It is not compulsory for a guarantee to be provided, but if it is part of … Continue reading Do we need to sign a Caveat or be a Guarantor to Aged Care Providers?

When does the Aged Care facility have to pay the RAD or Bond back?

Aged Care Facilities and Nursing Homes are required to refund the balance of a resident’s Refundable Accommodation Deposit/Contribution or Accommodation Bond within set timeframes. If the resident is moving to another facility and they: • give more than 14 days’ notice, the provider must refund the RAC, RAD or Bond balance on the day the … Continue reading When does the Aged Care facility have to pay the RAD or Bond back?

Can I give or gift money to my family?

The simple answer is yes but be careful of the financial consequences. The rules around gifting for aged care are in line with pension rules around gifting (deprived assets). Any gift you make in excess of $10,000 in a financial year and $30,000 in the five years prior to entering aged care will be assessed … Continue reading Can I give or gift money to my family?