We strongly recommend all of our clients speak to their accountant or professional financial adviser regarding the fees they may be asked to pay and how to fund them. Especially now as the new aged care reforms have been implemented and more changes are to come.
When choosing a good aged care financial adviser we recommend you ask two questions:
Do you understand the aged care fees and how they will affect my pension?
Not all financial advisers or accountants understand the fees associated with aged care as it’s a complex area with many options. You will need someone who works in this area regularly and who can calculate your fees accurately.
How many scenarios will you show me?
Time and time again I have clients tell me that they have been told they must sell their house in order to pay for their room. It’s not only the financial advisers that give this advice but even the facilities themselves. It is important for you to know that no-one can force you to sell your home to fund your aged care fees and Refundable Accommodation Deposit. The facilities generally do not provide financial advice; it’s their role to inform you of the fees you can expect to pay not how you can fund them. A good financial adviser or accountant will show you at least 3 financial options (including selling your home or keeping it and renting it out) and the impact each has on the means tested fee and your pension income.
We work with many accountants and financial planners and we can work with yours or if you prefer we have excellent specialist aged care advisers who can help you.