Aged Care

The decision to access aged care is often sudden. As well as the emotional cost on the family, carers face a complex financial and administrative burden.

Future Step Financial Services can help.

We understand how important planning is in the final phase of retirement. When the time comes to access aged care, you’ll need expertise and experience on your side.

Richard Cameron is an FPA Aged Care Specialist who helps families understand the options available to them in the aged care system.

“To the uninitiated, the world of aged care in Australia can seem complicated and overwhelming,” Richard says. “Carers face the burden of working through the rules of government and aged care providers, of financial and administrative options, and getting sound advice on estate planning near the end of life.”

Richard says careful financial and legal planning for each stage of retirement can bring peace of mind and to protect assets.

“Every case is different, because people’s finances, health and family situations are different,” Richard says. “That’s why we look at the whole picture.”

At Future Step Financial Services, we help you gain greater control over your aged care choices by helping you work through all aspects of the final phase of retirement.

People usually don’t think about aged care until mum and dad has a fall and they suddenly lose their independence.

- Richard Cameron

Where we can assist

Centrelink rules and processes

Dealing with Centrelink can be confusing. There are the financial asset tests and subsidies, and the health tests to assess the suitability and level of aged care. Then there’s the rules, jargon and paperwork. We’ll carefully step you through each part of the process.

Aged care means test

The Commonwealth Government’s aged care means test assesses how much you will need to pay towards the cost of aged care. The test looks at all aspects of your financial situation, including income and assets and the outcome determines any subsidies to which you may be entitled.

The ACAT assessment

Understanding the level of care your loved one requires starts with a face-to-face meeting with the Aged Care Assessment Team (ACAT). This assessment will determine whether you are entitled to access support at home, in temporary respite or in an aged care home.

Types of aged care

There are typically three types of care available: home care, respite and aged care. As we move through the final stages of retirement, needs change based on health, mobility and medical conditions. We help you plan and understand the financial implications of accessing the various types and stages of aged care.

The Refundable Accommodation Deposit and Daily Accommodation Payment

When it comes to the aged care fee structure, there are three options; the Refundable Accommodation Deposit (RAD), the Daily Accommodation Payment (DAP) or a combination of both. The RAD is an upfront, lump sum payment for the cost of entering an aged care home and is refundable when you leave. The DAP is the RAD converted into a daily payment and it is not refundable. Your personal financial circumstances will determine which method is right for you.

Wills, estates and power of attorney

When it comes to the aged care fee structure, there are three options; the Refundable Accommodation Deposit (RAD), the Daily Accommodation Payment (DAP) or a combination of both. The RAD is an upfront, lump sum payment for the cost of entering an aged care home and is refundable when you leave. The DAP is the RAD converted into a daily payment and it is not refundable. Your personal financial circumstances will determine which method is right for you.

Get in touch today to get prepared for your aged care journey.