When people start thinking about Aged Care – for themselves or for a family member – they inevitably have lots of questions. Some of those questions are about the financial implications of moving from home into an Aged Care facility. So it was great to meet a number of people from the Central Coast NSW at our recent Aged Care seminar at Davistown RSL and begin to address some of their concerns. Because many people have the same sorts of questions, I thought I’d share with you the top three I am regularly asked, along with some general answers.
- Should I sell the family home? There may be very good reasons why you should sell the family home however you may not have to do so. There may be ways you can keep the home and still afford entry into aged care. Assessing your financial situation is what we do however you may have other personal reasons for retaining your home (memories, and for your family’s future). We can work with you to help you answer this question.
- Should I pay a higher Accommodation Bond? This is one alternative available in certain situations however it is a strategy which must be fully assessed and is subject to negotiation by the Aged Care provider.
- Should I gift money to reduce my aged care costs and retain a pension? Again in certain situations this may be an appropriate action to take however gifting should not be made just to reduce costs and increase benefits as there are limits involved. If you are a pensioner, and exceed these limits, you will be assessed under deprivation rules. Gifting of amounts over $10,000 should not be made without seeking professional advice.
Of course, these are very general answers and should not be considered advice. Everyone’s situation is unique, so if you, or someone you care about, are considering Aged Care, please call me to discuss your specific needs. We are planning other Aged Care events during 2010. If you would like to attend, please register your interest by calling me on 1300 646 334 or 0407 070 994 or email me at bruce.gingell@fiducianfs.com.au
