Aged Care
LifePath Financial Planning On Channel 7 News
We were thrilled to have Channel 7 come into our office to interview our client Michelle regarding the importance of receiving age care advice from her experience. You may be aware the Government released the final report from the Aged Care Taskforce, which contained 23 recommendations to reform the fees and funding across home care…
Star ratings for Aged Care help make family choices easier
Moving into aged care can be a challenging time, both for those making the move and families supporting their loved ones. It’s understandable that everyone wants to find the most suitable accommodation and the appropriate standard of care, however, it can be confusing to make that choice. A new star rating system for aged care is giving…
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 ahead can help to demystify aged care and reduce stress levels. With awareness and…
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 more residents are using a combination of RADs and DAPs. The graph below…
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 more so when you are retired and your health begins to decline, along with your financial assets. The earlier you can start planning…
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. Here are the steps you should consider when planning to move to residential aged…
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 to sell or keep your home. This is an…
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 range from $250,000 – $550,000. They have many activities for the residents and external tours. This is…
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 and Other Measures) Principles 2016 on 4 October 2016 which have immediate effect. This resolves the uncertainty created last year…
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 prepared to assist providers to understand their responsibilities when charging such fees. This information does not constitute legal advice. Approved providers…
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 circles to more adequately address the issue. When the Age Pension was introduced in Australia in 1909, average life expectancy…
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 a new home. The same concept applies if you can no longer live independently…