As we enter the later years of our lives, we are presented with questions we may have never previously considered, such as how we will finance any aged care support and associated services we require.
Settling down to figure out the financial aspects of aged care can be overwhelming. You need to make the right decisions, but the countless options and demands before you are confusing, and the stakes are high. These are the years to be comfortable and free from stress and constraints.
That’s where our aged care financial advisers can prove invaluable. We offer personalised aged care financial advice for Perth residents, helping you navigate the complexities with confidence and ease.
Why is Financial Advice for Aged Care So Important?
Many Australians will enter aged care with a limited or fixed income, leaving little room for errors as they make their financial decisions.
But how do you know you’re making the best choices?
How do you wade through all this new information and offerings being thrown at you?
How do you even know all options are being presented?
Will you have to sell assets, such as your family home, to finance all of this?
Here’s why working with an aged care financial adviser is beneficial:
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Cutting Costs: We help you find ways to reduce your aged care expenses and maximise government support, so you don’t end up paying more than you should.
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Boosting Cash Flow: Our strategies ensure your money is working for you, helping to maintain or even improve your cash flow.
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Reducing Stress: With our guidance, you can focus on your loved ones while we take care of the financial details.
Our aged care financial planning services
At Aspire2 Wealth Advisers, we understand that everyone’s situation is different. Our financial planners tailor our aged care services to meet your specific needs:
Personalised Financial Planning
We start by examining your current financial situation. Then, we create a custom plan designed to meet your needs both now and in the future.
Understanding Government Benefits
Do you know all the benefits you’re entitled to? Our financial advisers do. We structure our aged care advice to get you the most out of government programs, including pensions and other support options.
Accommodation Payment Strategies
We can help you understand common strategies for accommodation payment to find the right option for you, including:
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Refundable Accommodation Deposit (RAD): A lump sum you pay to secure a place in an aged care facility. We help you figure out how to fund this deposit without straining your finances.
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Daily Accommodation Payment (DAP): If you prefer, you can pay your accommodation fees daily instead of in one big payment.
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We’ll help you decide whether RAD, DAP or a mix of both is the best option for you.
Means Tested Care Fees
Means-tested care fees are based on your assets and income. We help you understand how these fees are calculated and show you ways to minimise them.
What are the cost points aged financial advice can help with?
Aged care isn’t cheap, but understanding the costs can help you plan better. Some expenses we will work through include:
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Refundable Accommodation Deposit (RAD): This is an upfront payment that can be substantial—sometimes $250,000 to $500,000 or more, depending on the facility.
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Daily Accommodation Payment (DAP): If you’d rather not make a large upfront payment, you can pay your fees daily.
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Means Tested Care Fees: A fee calculated based on your income and assets. There’s a cap on how much you’ll pay in a year or over a lifetime.
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Basic Daily Fee: Covers daily living costs in aged care and is currently set at $61.96 per day (as of 20 March 2024).
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Additional Service Fees: These are extra fees for any additional services or luxuries you receive in the facility.
Why choose Aspire2 Wealth for aged care financial advice?
Our financial planners and advisers believe in providing clear, practical advice tailored to your unique situation. We have a team based in Perth with a wealth of experience in aged care financial planning, and we’re committed to helping you make the best choices for your future.
We’ve developed a clear, step-by-step process to help guide you through the financial planning needed for aged care, including:
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Initial Consultation: We start with a no-obligation chat to discuss your situation and understand your needs.
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Financial Assessment: We will examine your finances, including your assets, income, and potential benefits, in detail.
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Strategy Development: We create a financial plan tailored to your specific situation, addressing everything from accommodation payments to ongoing care costs.
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Implementation: We help you put the plan into action, making sure every decision is in your best interest.
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Ongoing Support: We don’t just set up your plan and leave you to it. We provide ongoing support, adjusting the plan as your needs change.
We make sure you understand every part of the process, with no hidden fees or surprises.
Frequently asked questions on aged care financial advice
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What is estate planning?Estate planning is about more than just writing a will. It’s a way to organise your financial affairs so that your assets are protected and distributed according to your wishes after you’re gone. This includes setting up trusts, appointing an Enduring Power of Attorney, and planning for your superannuation.
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Who should I choose as the executor of my will?The executor of your will is responsible for carrying out your wishes and managing your estate. Choose someone you trust—a family member, friend, or professional like a lawyer or financial adviser.
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What’s the difference between estate planning and asset protection?While estate planning focuses on what happens to your assets after you pass away, asset protection is about safeguarding your wealth during your lifetime, such as protecting your assets from lawsuits, creditors, and other potential risks.
What clients say about our financial planners
These clients have agreed to share their story. Everyone’s situation is different, so their choices and outcomes will be different to yours. Consider your circumstances before deciding what’s right for you.
These clients have agreed to share their story. Everyone’s situation is different, so their choices and outcomes will be different to yours. Consider your circumstances before deciding what’s right for you.
Ready to take the next step? Explore more on the benefits of aged care advice
If you’re facing the challenges of aged care, don’t go it alone.
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Get in touch with Aspire2 Wealth Advisers today for a free consultation. Our team of experienced financial advisers in Perth is here to help you make the best financial decisions for your future.