Expert Aged Care Financial Advice on the Gold Coast
Whether you need help in your home or need to move into an aged care home, navigating through the complex aged care system isn’t easy. Knowing how to transition into a home and how to afford care can be overwhelming and stressful.
Aged care advice is a precious area of advice that requires a great deal of care and understanding of everyone’s unique situation. We understand this better than most. Our Gold Coast aged care advisors are here to help guide you through the aged care maze; to help educate you on the process, and inform you of your options; so you can make the best decision for your future care.
How Our Gold Coast Aged Care Advisors Can Help
Centaur Financial Services will help you gain a better understanding of your current financial position and what impacts that may have on your aged care costs. By taking a holistic review of your situation, our Gold Coast aged care advisors can provide guidance and financial advice on the best options for you or your loved ones. We will walk you through the entire process; explaining each financial step in the process and the costs of the various options available to you.
Taking care at a time when we often can’t take care of ourselves.
Our aged care advisors on the Gold Coast have a wealth of experience, which can help you make better decisions towards your pension years.
We can help you:
The Centaur Difference
Centaur Financial Services is with you through all stages of life, including your transition into aged care.
Our goal is to provide you with a clear path forward through the multifaceted aged care fee structure and to help you make informed decisions about your investments and financial situation as you move into a nursing home or a residential aged care facility.
Working through what’s required can be complicated, but with our support, our Gold Coast aged care financial advisors can make the transition much easier for you. We will review your current financial position and formulate a strategy that offers you the finances required for aged care. Taking into account your assets and homeowner status, and the impact it will have on tax, cash flow, pension, and estate planning, we review the various accommodation options available to you and then advise which is best for you.
Ease your financial concerns and gain financial clarity for your future care with expert aged care financial advice on the Gold Coast from Centaur Financial Services.
Important Decisions for Aged Care
The decisions concerning your or your loved one’s future care can’t be rash. There are many aspects to consider, which is why aged care is notoriously complicated. Moreover, there are consequences to every decision. Thus, it’s best not to make any financial decisions concerning aged care without first seeking professional financial advice. You need to understand these consequences to ensure you choose the best; most tax-efficient option.
Don’t make any financial decision before speaking with our Gold Coast financial advisors.
What to Avoid
Frequently Asked Questions About Aged Care
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How much does aged care cost?
The cost of aged care varies depending on the facility you choose and your income and assets. There is a basic daily fee, which everyone must pay. The maximum basic daily fee is currently $52.25, or $19,071.25 per year – this figure is 85% of the single basic Age Pension. In addition to this fee, there is an accommodation fee and a means-tested care fee. How much you pay for accommodation and means-tested care fee will be determined solely by your means assessment. The maximum daily rate for means-tested care fee is $256.44, but not everyone will have to pay this fee.
If you are eligible for an aged care home, you may have to pay one, two, or all three of these fees.
Additional fees may incur for extra and additional services provided by the facility.
The Government will help with aged care accommodation costs
If you don’t have the means to cover the full costs of aged care, you will receive financial aid to cover some or all of the costs – this is determined in the means assessment. A guide to the available funding is as follows:
- Assets below $50,000 and income below $27,840: The Government will cover all accommodation costs
- Assets above $ 171,535.20 and income above $70,320: You will cover all accommodation costs
- If you have to pay part of the accommodation costs, the Government will cover the rest of the costs
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How does Aged Care work in Australia?
The Australian aged care system is for those aged 65 or over, who cannot live in your home without assisted support. The system is funded by the Australian Government, which spent $19.9 billion on aged care services in 2018-19.
There are three types of care available; at-home care, residential care (nursing home), and flexible care, which comes in various forms.
How much you have to pay for your aged care depends on whether you have the means to contribute or not (see above for costings). Those seeking subsidised aged care must apply for an assessment. The assessment process determines eligibility based on your care needs by the home and how much you can afford to pay towards your care and accommodation costs.
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What is the difference between aged care and a nursing home?
There is no difference between aged care (home) and a nursing home. However, Aged Care is a broader term which doesn’t necessarily refer to residential care, such as a nursing home. There are three types of aged care options; at-home care, residential care (nursing home), and flexible care, which comes in various forms.
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Need Aged Care Financial Advice on the Gold Coast?
Turn to Centaur Financial Services; expert Gold Coast financial planners for retirement, pension, and aged care.
Centaur Financial Services Contact Us
Phone: 07 5559 5760
Fax: 07 5601 0356
Email: [email protected]
Post: PO Box 1455, Elanora QLD 4221
Office: Level 1, 4 Sixth Avenue, Palm Beach QLD 4221
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Centaur Financial Services Pty Ltd is a Corporate Authorised Representative (CAR) number 342372 of Australian Advice Network Pty Ltd.
ABN: 13 602 917 297 AFSL: 472901.
The information provided on and made available through this website does not constitute financial product advice. The information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. We recommend that you obtain your own independent professional advice before making any decision in relation to your particular requirements or circumstances. Centaur Financial Services do not warrant the accuracy, completeness or currency of the information provided on and made available through this website. Past performance of any product discussed on this website is not indicative of future performance.
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