Your Guide to Aged Care Financial Planning in Brisbane
As you plan for your future, it's essential to consider your aged care needs and the associated financial implications. At AM Planning, our experienced financial planners in Brisbane can help you understand the intricacies of aged care financial planning and make informed decisions.
Home Care Package Subsidies
The Australian Government provides subsidies for home care packages to help individuals remain independent in their own homes. These subsidies can assist with various services, including:
Basic Daily Fee
A fixed fee that contributes to the cost of providing home care services.
Income-Tested Fee
A fee based on your income and assets.
To manage the costs of aged care, consider the following options:
ACAT Assessment
An ACAT assessment is a comprehensive assessment of your needs to determine your eligibility for a home care package. This assessment considers factors such as your medical condition, functional capacity, and social needs.
If you require more intensive care, residential care may be an option. To pay for residential care, you may need to consider:
Qualifying as a Low-Means Resident
To qualify as a low-means resident, you must meet specific income and asset thresholds. This can significantly reduce the cost of residential care.
To finance the initial costs and ongoing fees associated with aged care, you may consider:
Selling Your Home
Selling your family home can provide funds to cover upfront costs and ongoing fees.
Reverse Mortgage
A reverse mortgage allows you to access the equity in your home.
Private Health Insurance
Some private health insurance policies may offer additional benefits for aged care.
AM Planning Your Partner in Aged Care Financial Planning
Our financial planners in Brisbane can help you:
By partnering with AM Planning, you can make informed decisions about your aged care needs and secure your financial future.