Errors with planning and funding can be costly and difficult to rectify. Here is what you need to know.
can be a stressful period with complicated rules, family conflicts and rushed timeframes. This can easily lead to mistakes being made.There are pitfalls to avoid when entering aged care.The biggest expense in aged care is likely to be the cost of your room. The cost is likely to be quoted as hundreds of thousands of dollars. While you may choose to, you don’t have to pay this as a lump sum.
This may seem a good solution, but the problem is that ongoing fees depend on an assessment of both assets and income. If kids use their own money to pay the lump sum refundable accommodation deposit , it increases assessable assets and may in turn increase ongoing care fees. Even worse, if you are assessed as low-means, the amount you pay towards your room could also increase.
Decisions you make and changes to your circumstances after entry can have an impact on fees payable in the future. Make sure you get an understanding of what to expect over the following two to five years, with projections showing the expected changes in fees, age pension, cash flow and asset values.After you enter care, Services Australia will review your financial position and calculate the fees payable.
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