5 Key Points to Remember About Aged Care Financial Advice
Retirees who are in the market for aged care financial advice can naturally be apprehensive about who they talk to and what kind of agreements they sign.
Before accepting anything on paper, it is worthwhile remembering some takeaways from participants who have been through this process.
Let us discuss the 5 key points to remember about the field of aged care financial advice.
Although there will be time pressures involved for retirees who are balancing medical and lifestyle needs, the domain of aged care financial advice should not be artificially fast tracked. This is a call that has to incorporate medical needs, financial positions, family requirements, lifestyle demands and other components that influence their quality of life. Among all of the points that men and women need to remember in this context, it is the willingness to sit back, assess information objectively and to navigate the options that present themselves in due course.
Retirees that want to engage aged care financial advice won’t be short on options. A basic online search will produce dozens and dozens of industry specialists. Particularly for local members who are situated in metropolitan regions, there will be practitioners every few blocks. It is beneficial to remember that interested parties don’t have to settle for a representative that doesn’t feel like a good fit. Have open and honest talks, see what their policies are, whether or not they are transparent and if their service arrangement is workable in the short to medium-term.
Receiving advice over aged care decisions has to take into account the in-built costs that are necessary for people moving into a facility or aged care home. This will be inclusive of the accommodation fee that covers their stay, the basic daily fee that provides support for food and washing to the means-test fee that outlines what kind of provisions and features need to be put in place for each client. If there happens to be an extensive list of packages on display and they do not disclose these payments, it is essential that clients double check.
4) Payment Structures & Portfolios Can Be Diverse
Thankfully there is a fair degree of flexibility when it comes to the type of aged care financial advice that participants receive. While an aged care pension will be a common utility that helps to cover financial demands, there are plenty of other avenues that can be utilised in this space. From the sale or rent of properties to the use of investments, stock and beyond, individuals will be given the chance to integrate a diverse portfolio to pay for their ongoing support needs.
While a close friend might have received some very specific aged care financial advice in 2016 that allowed them to make a transition to a particular village, there are others in 2021 that might not be afforded that same luxury. In other cases, there can be more opportunities today than there were years ago depending on the type of option and package that is presented before the client. It is important to remember that public and private policies around aged care and the costs involved are in flux. This is dependent on government regulations, on commercial competition and other internal and external factors that determine issues around price and access.
If elderly citizens approach aged care financial advice with care, diligence and common sense, they should navigate their way to a safe position. The objective is to work with people that the individual trusts and where they see real life case studies of success.