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Get started with a free strategy consultation and receive a copy of the Good Fortune Guide – written by James McFall, Managing Director Yield FP and 2020 National Finalist Certified Financial Planner of the Year to help educate you on your Financial Plan.

    What areas of financial planning are you looking for advice on?

Book a FREE consultation
and receive your complimentary eBook

Get started with a free strategy consultation and receive a copy of the Good Fortune Guide – written by James McFall, Managing Director Yield FP and 2020 National Finalist Certified Financial Planner of the Year to help educate you on your Financial Plan.

What Aged Care Financial Planning Can take care of

Aged care financial planning aims to make the transition as easy as possible for you and your loved ones. We take the financial hard-work out of your hands to analyse your circumstances and present to you what is possible from a financial perspective. Trusted by over 100 retirees, we have client relationships that have lasted 15+ years.

This is more than your cashflow for aged care support. We help with decisions around the family home, tax strategies to minimise costs, Centrelink and Aged Pension entitlements, plus estate and legacy planning for what you want to leave for your family.

FINANCIAL ADVICE FOR AGED CARE

Take time with the financial decisions for your retirement and Aged Care

When you or someone close to you are considering the transition into aged care, there are many decisions to be made. These can often be made in a rushed and emotional environment, and depending on your financial assets, big or small, can be very difficult for you to manage.

Being partnered with Yield means our retirement experts will listen to what is most important to you and your family. We will then present the most applicable financial planning strategies that seek to make you as comfortable as possible.

We’d Love to Help

4 Areas we assist For your Financial Plan

The key advice we can help most with for aged care financial planning are:

  • 1
    Financial and cashflow advice to determine what options you have for Aged Care
  • 2
    Review your eligibility to maximise Centrelink payments
  • 3
    Financial advice surrounding your options for selling or retaining the family home
  • 4
    Investment and super structures created to serve you and your loved ones
WHAT YIELD FINANCIAL PLANNING CAN HELP YOU WITH

The most important parts of Aged Care Financial Planning

There are many calculations that need to be considered to determine how much you will need to pay for aged care. We work with you to consider all of the following:

  1. Basic daily fee of Aged Care
  2. Means-tested care fee
  3. Refundable accommodation deposit
  4. Daily accommodation payment and extras offered by Aged Care providers
  5. Income and assets test
  6. How to maximise Centrelink and DVA Pension entitlements

 

Often people are confused as to whether they should sell the Family home or keep it as an investment, pay the full Refundable Accommodation Deposit, or only part. The answer to each of these questions is entirely dependent on the individual circumstances, including amongst other things, health.

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Frequently Asked Questions

What can I spend my aged care package on?

Home care packages are designed to support an elderly person to live at home independently, but what can I spend my aged care package on? Once you have been granted a home care package, your package provider will design a plan that is individual and specific to you. The funds can be used on nursing care and personal care, shopping, home delivered meals, garden maintenance, assistive technology, home modifications, mobility aids, social support and companionship. The aged care package can be spent on any daily tasks and age care related needs, to keep the elderly person safe, socially engaged and living in their own home. 

What is respite care in aged care?

Caring for an elderly person can be time consuming and stressful. Fortunately respite care in aged care provides a solution for this. Respite gives the carer a rest from their caring duties. Respite care means the elderly person moves into the aged care facility, they have their own room and ensuite, 24-hour care and support and will be encouraged to join in any of the activities or social events at the facility during their stay. The Government subsidises 63 days in a financial year for respite care. The respite recipient will be required to pay a Basic Daily Fee and any additional service fees offered by the individual aged care facility.  

What is the asset threshold for aged care?

The asset threshold for aged care depends on several factors. Aged care accommodation costs and ongoing fees are in part, determined by the resident’s assets and incomeThere are two main costs that are means tested – the cost of the room or Refundable Accommodation Deposit and an ongoing care fee called the Means Tested Care Fee. For assets, there’s a capped value on your home ($201,231 in March 2024) unless it’s protected by a spouse/partner or family member living there. The rules around means testing to determine a future resident’s aged care fees are complicated and you should seek professional advice. 

What is the maximum means tested fee for aged care?

The maximum means tested fee for aged care is determined by the future resident’s assets and income and can increase or decrease if there is a change in the resident’s financial position. The means tested care fee ranges from $0 per day to a maximum of $406 per day. There is an annual cap on the means tested care fee of $33,309 and a lifetime cap of $79,942 (March 2024). Once the annual cap is reached the resident will not pay a means tested care fee until the anniversary date of becoming a permanent resident. Once the lifetime cap is reached, the resident will no longer pay a means tested care fee. In most cases it is recommended that a future resident discloses their assets and income to Services Australia/Centrelink so the maximum fee of $406 is not charged. 

Explore More

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Aged Care Financial Advice

James McFall
23 Jun, 2023

Let’s Explore - How Much Does Aged Care Cost in Australia?

Yield FP
07 Jun, 2024

Is Centrelink in Your Retirement Plan?

James McFall
14 Jul, 2016
life planning pyramid
Trusted Aged Care Financial Planners

Delivering results for our clients is what drives us

We are proud of the positive client feedback we receive, which is evidenced by our Net Promoter Score (NPS®) 81+. An industry survey completed by Beddoes Institute ‘identified 50 or more reflected an objective benchmark of exceptional client service and performance’ for financial advisors.

 

Our Service DNA means:

  • We are highly responsive and we are here for you
  • We do what we say
  • We always put your interests before our own

Our investments regularly outperform benchmarks; and our plans and strategies deliver realistic and measurable results, tailored to your risk profile. If these are qualities you are looking for in a financial planner, Yield Financial Planning is your obvious first choice.

 

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Free Consultation
Cover page of the Good Fortune Guide

Free Consultation

Get started with a free strategy consultation and receive a copy of the Good Fortune Guide – written by James McFall, Managing Director Yield FP and 2020 National Finalist Certified Financial Planner of the Year to help educate you on your Financial Plan.