Aged Care

One of the biggest challenges facing many Baby Boomers is in providing care for their aging parents. Much time and effort has gone into ensuring that your retirement is everything you had hoped it would be, however factoring in the time and often financial pressures of care options was not often part of the plan. The questions is, do you know your parents wishes and plans with regards to their twilight years? If you are a Baby Boomer, we recommend you ask yourself the following key questions:

  • If your Mum or Dad could no longer live independently, do they have a plan for entering aged care?
  • Does their family know their wishes?
  • Do you know what sort of care will be needed and which facilities cater for this?
  • Do you know how much their aged care will cost?
  • Are they entitled to receive money back for care costs?
  • Will they have to sell the family home and other assets?

Just like planning for a fulfilling and rewarding retirement, we recommend talking to your parents about their plan for aged care as it will ensure they do not place a financial or emotional burden on their loved ones.  WealthPartners’ Aged Care Specialists can help you prepare for when aged care may be required. Often the need for such care can be sudden, and failing to plan may mean that wishes cannot be fulfilled. Our comprehensive aged care service includes:

  • reviewing different accommodation arrangements,
  • analysing appropriate income and asset test-friendly strategies,
  • development of an Aged Care Plan covering pre-planning, imminent move and ongoing strategies once in the aged care facility,
  • ensuring sufficient capital and regular income funding needs are met,
  • enhancing any Centrelink entitlements to supplement income needs and reduce the burden on the capital and pension,
  • helping manage longevity risk through specialist portfolio construction,
  • facilitate aged care assessment process,
  • liaise with Aged Care Assessment Team (ACAT),
  • assist with ACAT residential and financial assessments,
  • ongoing review of financial ACAT testing.