Managing home-care fees

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As clients get older they may need help with our daily living activities. The frailty of older age or some illnesses may make it harder to live independently without help from a spouse, family or aged care service provider. The government subsidises a range of aged care services. And clients do not necessarily have to... Read more continue reading

New aged care rules boost the advice opportunities for professionals

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Organising a move into aged care is a stressful and emotional time for an older person and their family. The new aged care rules that came into effect on 1 July are likely to increase the confusion for clients and their families. “Clients are more likely to need advice to navigate through the new rules,... Read more continue reading

Average Australian going into aged care will pay around $10,000 more

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The average Australian going into aged care will pay around $10,000 more after 1 July 2014 – harsher fee levels make aged care more expensive AUSTOCK Life has calculated that people entering aged care facilities after 1 July will be up to $10,000 or worse off rather than entering such a facility in the current... Read more continue reading

Aged care to cost more after June 30

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The Aged Care reforms due to come into effect on 1 July 2014 will see retirees paying more for their admission to, and ongoing care in, aged care facilities, says Anna Lawton, senior manager, aged care services at Equity Trustees Limited. “If a move to an aged care facility is something that is being considered... Read more continue reading

Too many families powerless when elderly decline mentally

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Far too many retired Australians have not granted a financial Enduring Power of Attorney, which can lead to problems for their loved ones and unnecessary family conflict, said Anna Hacker, wills and estates accredited specialist at Equity Trustees Limited (EQT). “As Australians live longer, it becomes increasingly necessary to have measures in place in case... Read more continue reading

Negotiating aged care accommodation bonds – December 2013 update

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This is an update of an article last updated in July, 2013. This update addresses recent changes in legislation. Too often articles and information published on aged care focus on how to reduce the accommodation bond. Many clients (and their families) will also express a reluctance to pay the high bonds required. The opportunity to... Read more continue reading

Aged care awareness essential for advisers

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Financial advisers need to arm themselves with aged care strategies in the new year, as the holiday period is likely to prompt clients to question the care needs of their ageing relatives and the financial impacts of this care, says Aged Care Steps (ACS). “Christmas is a time when families catch up. Adult children may not have seen... Read more continue reading

Aged care reforms require careful planning

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The Aged Care reforms due to come into effect on 1 July 2014 will require a new approach to aged care provider payments, and advisers can play a key role in ensuring their clients, and their clients’ parents, are structuring their financial affairs in the best way, says Anna Lawton, senior manager, aged care services... Read more continue reading

Complex income & assets tests at risk of impeding care for aged parents

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Complex aged care rules putting financial strain on families: Centric Wealth Leading wealth management firm, Centric Wealth, today said that the current cost of aged care services, combined with complex carer and pension entitlements rules, means an increasing number of families are unable to pay for the care services their elderly relatives need. “Over the... Read more continue reading

Complex income & assets tests at risk of impeding care for aged parents

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Leading wealth management firm, Centric Wealth, today said that the current cost of aged care services, combined with complex carer and pension entitlements rules, means an increasing number of families are unable to pay for the care services their elderly relatives need. “Over the past 100 years, life expectancy levels for 65 year old men... Read more continue reading