Why it is important to speak to a financial adviser about aged care advice

Written by Ronald Pratap

on April 3, 2023

As Australians live longer and the population ages, more and more families are being confronted with the complex decisions around aged care. It can be an emotionally challenging time, with family members balancing the financial, emotional, and physical aspects of caring for an elderly loved one. In these situations, consulting with a financial adviser who specialises in aged care advice can be extremely beneficial. Here is some points about why it is important to speak to a Financial Adviser about your aged care options.

  1. Understand the costs of aged care: A financial adviser can help you understand the different types of aged care options available and the associated costs. Aged care can be complex and understanding the fees and charges involved can be overwhelming. A financial adviser can explain the different costs involved in aged care, including the means-tested care fees, accommodation fees, and additional services fees. They can help you understand the financial implications of each type of care, and help you make informed decisions about what’s best for your loved one.
  2. Maximise government benefits: A financial adviser can help you navigate the aged care system and access government benefits, such as the Age Pension, Veterans’ Pension, or the Disability Support Pension. They can help you understand eligibility requirements, how to apply for these benefits, and how to maximise your entitlements.
  3. Develop a financial plan: A financial adviser can help you develop a financial plan that takes into account the cost of aged care, your loved one’s current and future financial position, and any estate planning considerations. They can help you identify strategies to fund the cost of aged care and preserve assets where possible.
  4. Coordinate with other professionals: A financial adviser can work alongside other professionals involved in your loved one’s care, such as lawyers, accountants, and healthcare professionals. This coordinated approach can help ensure that all aspects of your loved one’s care are being addressed, and that all professionals are working towards the same goals.
  5. Provide emotional support: Caring for an elderly loved one can be emotionally challenging, and a financial adviser can provide support and guidance during this difficult time. They can provide reassurance, a listening ear, and can help you navigate the complexities of aged care.

In summary, consulting with a financial adviser who specialises in aged care advice can provide you with peace of mind, financial clarity, and practical support during this challenging time. They can help you understand the costs involved, access government benefits, develop a financial plan, coordinate with other professionals, and provide emotional support where needed. At RP Wealth Management, we have invested in tools and training to ensure we are aware of the latest legislation, rules and strategies to ensure you can maximise your benefits. We have office locations in Oran Park and Norwest Business Park/ Baulkham Hills for you to come in for a discussion on your personal situation and we service the wider Western Sydney, Hills district and greater Sydney region if appointments out of the office are required. Please don’t hesitate to contact us on 02 9188 1547 or email admin@rpwealthmanagement.com.au







The information in this website and the links has been prepared for general information purposes only by our office and does not take into account your personal objectives, financial situation or needs. It is not intended to provide commercial, financial, investment, accounting, tax, personal or legal advice. You should, before you make any decision regarding any information, strategies, or products mentioned on this website, consult a professional financial advisor to consider whether it is suitable and appropriate for you and your personal needs and circumstances.

If you like this article, you may also be interested in the following articles and links:

Estate Planning – It’s More Than a Will

https://www.myagedcare.gov.au/

Ronald Pratap

Principal Financial Planner at RP Wealth Management | Financial Planning l SMSF I Insurance l Property Advisory. Our purpose is to provide our clients with sound advice and direction to assist with their financial affairs and help them make the best choices in achieving what is important to them.

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Ronald is a really easy going guy to deal with. He will go above and beyond to ensure he finds out all the details and gets you the best cover for your circumstances. Ronald made the process of getting Trauma Insurance and Life Insurance very easy - much easier than I thought and it was surprisingly cheaper than I thought it would be too. I really recommend you see RP Wealth Management.
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A hard working and diligent professional, Ronald certainly places his clients needs first in all situations. Keep up the good work!
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