Aged Care Financial Planning Strategies
The recent "so-called" "Aged Care Reforms" greatly increased aged care costs and fees for the vast majority. 2017 will see changes in pension thresholds and rules relating to home assets, which could increase your aged care costs and impact on your income. It's never been more pertinent to get the right advice from the experts in the field.
The Basic Daily Care Fee has now increased to $48.44. The maximum permissible interest rate that the facilities can charge as the DAP (daily accommodation payment) is now 5.76% as of October 1 2016.
- The Department of Health change fees and charges for aged care on several occasions throughout the year.
- It's never been more important to have smart financial strategies to protect your assets, income and social benefits when moving into aged care.
- PrimeCare Financial Planning your true "Aged Care Specialists" can show you how to protect your valued assets, project a suitable income to cope with the aged care fees and additional living expenses. We can show you a tailored cash flow to provide a good quality of life and protect your social benefits and pension where you qualify.
Did you know?
You could pay a hefty means tested care fee if you don't take the appropriate steps to protect your position!
The RAD (residential accommodation deposit), formerly known as the bond is paid as a lump sum or the DAP (daily accommodation payment) is the interest paid on the balance of the room price.
The means tested care fee is based on your assets and income position after taking in threshold limits.
Not everyone will have to pay a RAD (formerly bond). Supported residents will qualify for an accommodation supplement from the government.
The government has revoked some facilities from charging a daily fee such as a refurbushment, capital or maintenance fee, however some facilities are still charging this.
We will show you the best funding arrangements to suit your financial needs and lifestyle.
Call PrimeCare today to discuss your aged care requirements and allow the “Independent Specialists” to tailor the best aged care financial and lifestyle solution, so please
contact us on (03) 9006 1736.