Single Touch Payroll (STP), is an Australian Government initiative to reduce employers' reporting burdens to…
Like most people, we would prefer someone else do the worrying and ask the difficult questions in relation to Aged Care. Below are some important questions and concepts to think about before moving your loved one into aged care, even if the need is urgent.
(1) Check the impact to government benefits, if any:
The first thing to consider is, you don’t want any government benefits like the health care card or low income aged pension to be impacted by the purchase/ leasing or renting of any dwelling, when moving away from the family home. It is critically important you speak to our financial planners before purchasing a dwelling to see if this will impact any income or benefits your loved one would be entitled to.
A good example of retirement villages. These are great for most retirees because they love the companionship, facilities, activities and additional security. The issue could be the fee you pay to enter a retirement village. This is called entry contribution. Depending on the fee levied, you could be considered a home owner or a non-home owner for social security purposes, and this may affect the Age Pension benefit.
Decisions also need to be made about any existing properties. The money from the sale of any existing dwellings could also impact your entitlements. The manner in which assets are invested could impact greatly in the Centrelink Income Test (Means Testing) especially after the 01/01/2015. The bottom line is, if an aged care facility is something you are considering for a loved one, the first step is to discuss your options with us.
(2) Organise a meeting with us regarding your aged care needs because of the peace of mind it will create for you.
We can help you determine:
• What qualifies a person eligible to move into aged care
• What types of accommodation are available
• What are the ongoing fees and how you can minimise their impact.
• What should happen to the family home
• What questions should you ask an aged care professional
This is because we are not directly involved in the stress and worry that moving someone into aged care can cause. We can provide objective advice based on your personal circumstances and provide the best solution for all. If you are unsure of what you should do next, meet with Mark Felton. He is our specialist in Aged Care and will guide you through the process.
(3) Regularly review the Aged Care strategy we create for you.
This can be particularly important if laws change or your circumstances change. We can also use this opportunity to:
- Review the relevance of and performance of investments .
- Let you know of any further recommendations we may suggest.
- This could be the time to make sure estate planning is maintained and still effective.
- We can also let you know if you and your loved ones are still on track with the goals, potential tax savings and investment planning.
Finally we can review how much income you and your loved ones have been able to draw from things like the pension and superannuation.
If you wish to get further information you can access a presentation we did for Probus Donvale below. You may need to contact us, and book a time in to discuss how this presentation may apply to you.
We can help you with your aged care needs. It is an area Roy A. McDonald/ Lindale insurances are specialists in. We can take out the burden and assist in making informed balanced decisions regarding aged care.