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Seeking financial advice for a move to aged care

The transition into aged care, for yourself, or a loved one can be an overwhelming and emotional experience.

We all deserve dignity and quality care as we move into our older age.

However, the associated cost, on-going fees and application process, can be daunting for many people.

Seeking sound financial advice from a qualified Financial Advisor can make the process of transitioning to an aged care facility less stressful and more smooth – particularly if you are acting on behalf of your parent (s) and already balancing your own finances, work and family commitments.

Often the first question people ask is, can I / my parent or loved one afford to transition into aged care?

With the average refundable accommodation deposit (RAD) required for entering an aged care facility sitting at $450,000 across Australia, it is important to feel confident and assured of your financial decisions.

At Hub Advisory Group our experienced Financial Advisors will assist with the following:

- Establishing the costs associated with your chosen aged care facility (or compare the fees of multiple options) and how these fit with your finances, now and on-going

- Assessing your current financial position and advising on the best path to entering aged care, i.e. through the sale of the family home or use of other assets and investments

- Suggesting strategies to tap into available government benefits such as Aged Pension and Home Care Packages and developing plans to increase income into the future, including investigating annuity products. (will include a link to the annuity blog when published)

- Reviewing all Estate Planning and considering any complexities or implications that aged care costs may have

- Liaising directly with aged care facility representatives on financial matters, if and when required

The team at Hub has extensive experience in this area, we’re here to help you make informed financial decisions by providing simple, tailored and effective advice.

If you’d like guidance and certainty on your financial situation as you, or your parents, make the transition into aged care call us on 4926 8000 for an appointment.

We’re located at 275A Hunter Street Newcastle NSW 2300.

Disclaimer: The information provided in this presentation is of a general nature only. It does not take your specific needs or circumstances into consideration. You should look at your own personal situation and requirements before making any financial decisions.

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