six steps to planning for aged care

Planning your aged care needs

The wave of older Australians will continue to grow over the coming decades. As such, we can no longer afford to ignore the issues around aged care with more than one million retirees already accessing aged care services in Australia. Planning…

RAD versus DAP payment history

If you move into residential care, you may be asked to pay for accommodation. You can choose to pay a lump sum Refundable Accommodation Deposit (RAD) or a Daily Accommodation Payment (DAP). RADs have been the most popular choice, but more and…
aged care options

Navigating the options of aged care

Successfully transitioning between in-home care services, retirement villages and full-care accommodation is all about making timely, well-informed decisions. Buying, selling and moving house are among the most stressful times in life. Even…
Planning aged care LifePath Financial Planning
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Planning your aged care needs

Planning ahead can help to demystify aged care and reduce stress levels. With awareness and pre-planning, you can maintain control and choice, have access to the financial resources to pay for care and minimise the stress on you and your family.…
How is your house assessed for aged care
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How is your house assessed for residential aged care?

For many people moving into aged care, their home is likely to be the biggest remaining asset. If you move into aged care, unless a spouse or other family member continues to live in your home you may be faced with a major decision of whether…
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Aged Care in Hobart

While the adviser team were attending a Professional Advice Conference we took the opportunity to visit St Ann’s Home Davey Street aged care facility.  St Ann's Homes Inc has been providing accommodation, care and services since 1922.  RAD’s…

Clarification – RADs not reduced by loans

Loans used to pay a refundable accommodation deposit (RAD) will not reduce the RAD’s assessable value for means-test amount (MTA) calculations. This position has been clarified through changes to the Subsidy Amendment (Flexible Care Subsidy…
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Information for approved providers of residential aged care homes: Additional services, including ‘capital refurbishment’ type fees

The department is aware that a number of providers have charged or are proposing to charge fees for additional services, including ‘capital refurbishment fees’ or ‘asset replacement contributions’ to residents. This information has been…
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Economic Challenges of an ageing population

As the Baby Boomers continue to move into retirement, a national discussion about the economic challenges of our ageing population intensifies. With fewer working Australians for each retiree, momentum is building in government and business…

How safe is your RAD?

Every day, Australians are moving homes to upgrade their accommodation, to relocate for work or family reasons or to try a different lifestyle. The move usually means selling an existing home or borrowing to buy a new home, or perhaps renting…

Granny flat rights… and wrongs

  For some families trying to support ageing parents a granny flat can seem like the perfect solution – parents living safely with children close by to provide help if needed. But what can seem like a simple solution can have significant…

Can you still rent the former home?

The rules for renting your former home became less favourable from 1 January 2016 but this does not mean you have to sell your former home to fund a move into aged care. You will just need to do the numbers more carefully. The new rules If…
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Trent and Brad visit UK Aged Care facility

Welcome to London, 11 degrees, overcast and a breeze that could freeze water. It was exactly how you would expect London to be. Trent & I had the opportunity to complete a business course at Cambridge. It was a fly in fly out visit. Other…

Do you know how much is held in RADs/Bonds?

Did you know there is now almost $20 billion held in RADs/bonds by residential aged care providers? According to figures released by the Aged Care Financing Authority (ACFA) at the LASA Conference recently, there was an increase of $3.3billion…

Removal of rental income exemption for aged care fees

Residents who enter aged care from 1 January 2016 will have their rental income from renting out their former home included as assessable income when determining their means-tested care fee (MTF), even if they are paying some of their accommodation…