Choosing the ideal accommodation for aged care is an emotional decision and along with finding the right location and environment, there are also a range of financial issues to consider.
Some of the common questions to ask your adviser are; what should we do with the family home? How should we pay the deposit, via lump sum, an ongoing payment or a combination of both? What will this mean for our Centrelink entitlements? Will a means tested fee apply? Is there any way to reduce the means tested fee?
There are four types of fees involved with aged care:
Standard resident contribution, all residents are required to pay this
Accommodation bond or deposit
A means tested fee, which is calculated using an income or assets test
Extra services fees, these are optional and relate to extra services that a provider may offer
If you are requiring assistance for yourself of a family member, please contact your adviser on (07) 5574 0667.
Wahlstrom Financial Services Pty Ltd, ABN 43 078 015 988, is a Corporate Authorised Representative of Millennium3 Financial Services Pty Ltd ABN 61 094 529 987 an Australian Financial Services Licensee number 244252. Millennium3 Financial Services Pty Ltd and Wahlstrom Financial Services Pty Ltd are not responsible for the advice given regarding lending. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice and consider a Product Disclosure Statement. The views and opinions expressed within this letter are those of the author and do not necessarily reflect those of Millennium3 Financial Services Pty Ltd.