Aged care funding
As the population continues to age in Australia, the need for Government funded aged care facilities will continue to grow. Currently, around 10% of Australians are expected to use aged care and the numbers are likely to increase even further over the next 25 years as the “baby boomers” reach their eighties.
Yet the rules relating to this area are complex, confusing and often overwhelming to residents and their families. At a time when stress levels are already high as loved ones move to an aged care facility, decisions have to be made that can have a major impact on both the person’s emotional and financial position.
It is never too early to plan for aged care accommodation. We believe that the best time to consider your aged care funding options is early in retirement, when you still have the opportunity and flexibility to take up a range of investment options.
Understanding how aged care fees are calculated and how your Centrelink or Department of Veterans’ Affairs (DVA) benefits are affected when entering a facility, can make a big difference to your future financial comfort.
