Locating an aged care facility that meets your individual needs can be a difficult task. Having to worry about your finances need not be.
Our team of specialists will ensure that you receive the best advice and more importantly peace of mind.
Many issues need careful consideration before any decisions are made:
McInerney Barratt Financial Solutions are Authorised Representatives of MBFS Pty Ltd and have over 16 years experience in the financial services industry specialising in aged care financial planning advice.
Mark McInerney and James Barratt understand that all situations require an individualised approach and will personally meet with you and your family to achieve the best financial outcomes.
Aged Care is a specialised area of financial planning and through their in-depth knowledge and years of experience they are able to provide peace of mind with:
Whilst the elderly have been moving into aged care homes for many years now, Federal Government financing has begun to change and dwindle in the last few years. As a result of this, aged care facilities have had to look for new areas of funding and a user pays system of financial gain.
Even not for profit facilities can no longer prop up their aged care facilities via other sources of income or fund raising.
This has meant that ensuring an elderly person’s assets, including the family home, are structured correctly so that assets and cash flow are utilised to their optimum.
Traditional areas of financial planning, including estate planning and social security benefits, are at risk of becoming unravelled during this period as assets may need to be sold, what seem like simple decisions may create massive financial problems now and in the future.
From the date of accepting a bed at an aged care home you generally have between 7 and 28 days in which to finalise your financial affairs. This is an extremely short time period during which you need to give many issues careful consideration. Mistakes can be costly. You may lose or have your pension or other CentreLink / DVA benefits reduced with the wrong strategy.
Other questions you will be asking are:
Affording the care of your choice requires careful financial planning.
What you pay is determined by the policies of the aged care home and Government legislation. It is imperative to obtain specialist advice from a Financial Planner to maximise CentreLink / DVA benefits, minimise facility fees and increase spending money.
At McInerney Barratt Financial Solutions we can help negotiate all areas of the financial entry requirements of an aged care home, including bond payments, interest charges and paper work.
Mrs B has been assessed as requiring low level care. Mrs B owns her own home valued at $440,000 net after all fees and she has $106,000 in cash. The aged care home she has chosen requires a $300,000 bond. If she sells her house, pays the required bond and her cash is assessed by Centrelink at deeming rates, Mrs B would have a negative cash flow of $2,830 per annum.
However, if Mrs B sought advice from McInerney Barratt Financial Solutions and restructured her finances and investments it would save her $6,700 in fees per year increasing her available spending money by $4,189 per year.
Mr & Mrs G have lived together all of their lives and Mr G has been assessed as requiring low level care. They own their own home and are self funded retirees. Neither of them receives any CentreLink benefits due to their assets and income.
The aged care home they have chosen requires a bond as they have plenty of assets, unfortunately not all liquid. Under these circumstances the home would need to be sold and Mrs G’ would need to find another home to live in, whilst Mr G moved into the aged care facility.
However, if Mr & Mrs G sought advice from McInerney Barratt Financial Solutions and restructured their finances and investments, the family home would not need to be sold and they would both receive a part Aged Pension.
Good financial advice helps you make the most of what you have. It is also about providing you with the information and advice you need to move in the direction you want to take and puts you in control of your financial future.
Moving into an aged care facility can be a harrowing experience for the whole family. The financial aspect of this need not be, all you need to do is speak to McInerney Barratt Financial Solutions and get some advice.