If the time has come for you, your partner or your parents to move into aged care, you’ll naturally want the best possible outcome for all concerned. However, this can be a very emotional and testing time and there’s a lot to consider. In fact, you may be required to make difficult and complex financial decisions which can affect the level of aged care fees to be paid, the pension payments that you or your loved one receives, the timing of any sale of the family home and so much more.
Mistakes can be costly at this stage and it may not be easy to think things through properly if you, or the person moving into care is upset or unaware of the implications of a decision. That’s why it is wise to always seek professional advice before making any commitments. This is where talking to a financial adviser or an aged care information service can help.
If you don’t already have a financial adviser and are looking for one in your area, visit the Financial Planning Association of Australia website www.fpa.asn.au. Alternatively, the Challenger Financial Advice Helpline has a team of specialised aged care financial advisers to whom you can talk. Simply call 1800 193 937 for an obligation-free discussion.
If you are looking for information from an independent consumer agency, the National Information Centre for Residential Aged Care (NICRAC) is a new, free, information service. Callers to the telephone support line will be able to access information which should make it easier to understand the complex financial aspects of entering an aged care facility.
NICRAC can also inform you on what investment options are available and how you can prioritise your needs and objectives to best arrange your finances. Whether you go it alone or seek professional advice from a financial adviser, this service can be invaluable when under pressure to make such important decisions.
You can contact the service from 9am to 5pm weekdays on 02 6280 0234. A general overview of the service can be found at www.nicrac.org.au
The advice offered by the Challenger Financial Advice Helpline is provided by Money Solutions Pty Limited AFSL 258145.
The National Information Centre for Residential aged Care (NICRAC) is an independent, confidential consumer agency providing information to the general public on the financial aspects of moving into aged care facilities. NICRAC does not provide advice or recommend specific products or providers.