News
In Australia, the government heavily subsidises the cost of residential aged care. However, depending on your financial circumstances, you may still need to pay for care.
In this newsletter, we unpack how the government determines if a person is eligible for additional financial subsidies or not.
Planning ahead can help to demystify aged care and reduce stress levels. With awareness and pre-planning, you can maintain control and choice, have access to the financial resources to pay for care and minimise the stress on you and your family. Using a simple action plan, this article helps you prepare for when you may not be able to look after yourself and need extra supportive care.
Craig Phillips of Phillips Wealth Partners explains by layering an annuity with other retirement income streams, you can achieve the best of both worlds, with enough income certainty to give you peace of mind and a degree of flexibility with your other investments.
According to Craig, a senior financial planner and aged care professional™ for some senior Australians “gifting may seem like a good idea at the time to help out family members, but the implications for the parents as they are entering permanent residential aged care as they are often unable to afford the aged care facility of choice because they were unaware of the high cost involved.”
Most fees in residential aged care are regulated by government, but more and more care providers are charging for additional services – so check what you are paying for.
We’re delighted to announce we have introduced a great new platform to help you manage your entire financial world - at home and on the go.
Luisa Capezio, CEO and aged care navigator at Independent Care Solutions. At Independent Care Solutions Pty Ltd it is our job to help individuals and families navigate the aged care system to find the best solution for loved ones who need support to stay at home or are ready to take the next step into residential aged care. www.icares.com.au
The Future2 wheel Classic rolled out today!
This is my 6th Wheel Classic and I am just as inspired by the work the Future2 Foundation achieve today as I was when my journey with them started .
Irrespective of whether you are a full- or part-pensioner, a self-funded retiree or still working, if you are over the aged pension age (65 years old) it is worth investigating your eligibility to access a level of government subsidisation to support a home care package.
Planning your retirement is likely to be exciting. While it may be less fun to think about the potential for physical and cognitive decline in the later part of retirement – our frailty years - this is an important period to plan for if we want to maintain independence for as long as possible.
Consumers need to have greater confidence in the quality of aged care services with the right to expect that their personal needs and choices will be adequately met.
This has been difficult for government to regulate and assess so the Department of Health has drafted new standards for quality care. If adopted, these standards will consistently apply across home and residential care and replace the existing accreditation standards.
With life expectancies in Australia continuing to rise, you need to make sure your retirement savings can last the distance.
Australia