Choose the Right Aged Care Financial Planner

How to Choose the Right Aged Care Financial Planner

There are many things to think about when it comes to preparing your finances for aged care admission. There’s superannuation, pensions, and other assets like your home to consider. How you manage and disclose these could impact your accommodation costs, payment options and pension payments.

That’s why it’s so beneficial to speak to a professional who specialises in aged care financial planning. But how do you choose the right aged care financial planner for your situation? 

It can be confusing to know where to begin your search. But don’t worry, this article will outline the key things to consider before choosing an aged care financial planner. 

Let’s start by defining what aged care financial planning actually entails. 

What is aged care financial planning?

Aged care financial planners specialise in preparing your finances for aged care. They will help you understand the aged care fees and charges, outline the government subsidies that are available to you, identify how your admission could affect your pension payment and help you make an informed decision about your assets and finances. 

A good aged care financial adviser will work with you to understand your needs, what services you can afford in your chosen aged care home, and ensure your finances are managed well and protected.  

How is aged care financial planning different to other types of financial planning?

Other types of financial planners provide advice on a wide range of financial matters like investing, budgeting, paying down debt, and preparing for retirement. They may not be specialising in aged care or as experienced in aged care financial regulations and guidelines.  Aged care financial planners such as Beacon, on the other hand, specialise in financial advice specifically related to admission into aged care. They are experts in understanding the aged care industry, aged care regulations and financial models and subsidies.

This is a highly specialised field where our focus is on finding you the best financial option for aged care, ensuring you receive any government subsidies you’re eligible for, and making sure the financial choices you make are in your best interest. 

The wrong financial decision may cost you significantly in unnecessary fees and charges that may have been avoidable with the right guidance. That’s why it’s so important to find an aged care financial planner you can trust.   

What should I look for in an aged care financial adviser?

When it comes to your finances, it’s important to do your due diligence before giving anyone your sensitive information. A good aged care financial planner should leave you in a better financial position than when you first engaged them. 

Before engaging the services of an aged care financial planner, consider asking the following questions; 

  • What licenses or other professional credentials do they have? 
  • Do they specialise in aged care financial planning? 
  • How long have they been operating?
  • Will they outline your options in simple, easy to understand language? 
  • Will they put their advice in writing? 
  • Do they deal with government agencies like Centrelink on your behalf?
  • How much do they charge?
  • How many meetings will it take for them to understand your finances and options? 
  • How long will it take to prepare and provide you with the advice?

Aged care fees and costs can be difficult to navigate if you’ve never done it before, and a good aged care financial planner will be able to put your mind at ease and explain what forms you need to complete, as well as what information you need to give them to do their job. 

Then there are the not-so-obvious qualities to look for in an aged care financial planner. 

When speaking with the team, do you feel like you’re being listened to? Does the aged care financial planner seem like they care? Do you feel they have your best interests in mind at all times? 

These qualities go a long way, which is why you may choose to meet with a few different companies before you make a decision on an aged care financial planner. 

What can an aged care financial adviser provide?

Letting an aged care financial planner take care of the financial aspects of entering aged care allows you to focus on finding the best aged care facility to suit your needs. 

Everyone’s financial situation is different. But here are some of the things an aged care financial planner may be able to assist you with; 

  • Maximising government subsidies you’re eligible for 
  • Minimising your aged care facility fees 
  • Outlining different strategies for funding your accommodation fees
  • Providing financial modelling of multiple care options 
  • Planning for any tax implications 
  • Fee negotiations or discussions with aged care homes
  • Protecting or maximising your pension payments after admission into aged care

In order for an aged care financial planner to give you their best advice, it’s important they have a thorough understanding of your needs and available assets. 

Talk to the team at Beacon Aged Care 

Beacon Aged Care is a family-owned and operated business dedicated to delivering caring financial solutions for aged care throughout Brisbane, Gold Coast and South East Queensland. We’ll come to you for a meeting in South East Queensland and no extra cost. 

We also offer nationwide appointments via video and phone.

You will receive comprehensive financial strategies for aged care when we meet. A formal statement of advice is sent within four business days, which will cover everything we have discussed. 

As a family-run business, we completely understand costs play an important role in decision-making.  We’ve made our fees transparent and affordable, so as many people as possible can get the professional help they need.

Give our friendly team a call today on 1800 232 000.