There is a growing trend to address the need for sufficient funds during retirement; yet many overlook aged care requirements.
For many, the first experience is when parents or in-laws experience unexpected health issues and suddenly require alternative living arrangements, such as hostel or nursing home accommodation.
What is an emotionally stressful time is compounded by the fact that financial challenges arise. Hostel and nursing home accommodation is an intricate area with varying rules and regulations. The rules associated with Centrelink also need to be considered and are likely to impact on your situation regardless of your net worth.
Accessing accurate information and advice can reveal significant benefits for the financial well being of the person requiring care. Fees charged for aged care are in part determined by Centrelink rules; however asset and income tests are applied regardless of whether you are a homeowner or not.
As many people go into aged care for an extended period it is important to get advice on how to draw down your assets and retirement income. A Capstone Adviser can put into place the appropriate structures and investments to fund the level of care required for aged family members.