The Pros and Cons of Getting Financial Advice From an Aged Care Facility

The Pros and Cons of Getting Financial Advice From an Aged Care Facility

Are you starting your journey into aged care? Finding the right aged care facility for yourself or your loved one is a very important, yet difficult task. Every aged care home is different; offering different services, different levels of care, and different fees. 

So it makes sense to take a tour of a few different aged care facilities before making a choice or shortlist. Most homes will offer a private tour, where you can take a look around the facility, find out about their staff and services, and ask any other questions you might have regarding care and accommodation. 

Budget is usually a major deciding factor when choosing an aged care facility, and the fees in aged care homes can be confusing. And while aged care homes can tell you all about the care and services they offer, they may not be the most reliable source of information regarding how much you will need to pay.  When it comes to your specific fees, it’s often best to consult an aged care financial adviser who specialises in the industry and can base these on your specific circumstances. 

In this article, we’ll outline the pros and cons of seeking advice from an aged care facility. 

Pros of seeking financial advice from an aged care facility

Who better to ask about what it’s like living in a certain aged care home than the facility itself? Taking a tour and talking to staff members, as well as other residents, is a great way to get a feel of an aged care home before you or your loved one moves in. 

Aged care homes can answer your questions about aspects of the home such as; 

  • What recreational activities they provide 
  • What kind of meals they serve
  • What level of medical care and support they provide 
  • What the rooms come equipped with etc 

It’s good to have a list of criteria for your ideal aged care facility before you start looking into homes, this way you’ll know what to ask the provider and be able to rule out any homes that don’t meet your standards while shortlisting those that do.  

Cons of seeking advice from an aged care facility 

But what about the cons? When touring an aged care home, one of your questions will most likely be, ‘What are the fees?’ and “how much will I pay?”’. And this is where things can get murky. That’s because no matter which facility you choose, every person who enters aged care living may be paying differing amounts as most fees are means tested and dependent on your income and assets.

Therefore, what you or your loved one will pay depends on your financial situation and the means-tested income and assets test conducted by Centrelink. How you manage your assets, whether you sell or keep your home, as well as factors such as who else resides in your house, can all impact your final fees. 

Now it’s very important to note that some facilities might use online government calculators to determine the means-tested care fee to give you a ‘guesstimate’ of how much you or your loved one will need to pay for accommodation.  However, if the representative from the aged care home giving you advice doesn’t have financial credentials or adequate experience regarding which assets are assessable, then the numbers they give you could be completely incorrect or misleading. Some of the decisions you make based on this advice could also be irreversible. Transitioning into aged care is stressful enough without getting a nasty surprise about the fees right after you’ve moved in.

So where should you go for advice on aged care fees? 

Because each resident of an aged care home could be paying more or less than your loved one, when it comes to the financial side of aged care, it pays to get specialist aged care financial advice.

Here at Beacon, we’re a team of professional aged care financial advisers. Our team of aged care financial advisers can help you assess the affordability of the aged care homes you are considering. 

We can help you figure out which fees might be payable, present you with various strategies that could help to reduce your aged care costs, ensure you receive any government benefits you are entitled to, and determine whether or not you can afford to live at your preferred facility or facilities.  

Aged care financial advisers help older people considering aged care, as well as their family members, navigate the often complex issue of aged care costs. We can explain the fees you’ll need to pay in simple everyday language. 

If you’re based in South-East Queensland, we’d be happy to meet you in your home at a time that is convenient for you to start the planning process. Alternatively, we offer nationwide appointments via Zoom. Get in touch with our team today at 1800 232 000 to start your aged care planning process.