Aged Care

Aged care is a complex area that requires a solid understanding of how the rules interact with the broader tax and social security system.

There is a mine field of aged care alternatives surrounding the decisions to be made. Decisions like:

• which aged care facility is appropriate
• what fees will be payable and what is the best funding option
• what to do with the family home
• the impact on any potential Centrelink or DVA benefits

Aged care costs can be very high and could increase as our population ages. The lump sum accommodation payment can be significant. Then there are other charges, such as the basic daily fee and the means-tested fee.

There are a number of strategies that can help to:

• Manage care costs
• Review entitlement to social security benefits
• Manage tax
• Choose suitable investments; and
• Plan for the distribution of your estate

It is so important to seek qualified advice and plan ahead. That’s where we come in. If aged care is on the horizon for you or any family members, please contact us with any questions or for an initial discussion.

If you are just starting to think about it and keen to do a bit of research, perhaps have a look at the MyAgedCare website. This is an Australian Government  site and will provide a range of useful  information to help collect and organise your thoughts.

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