The money you pay as a lump sum for your residential aged care room will be refunded to your estate – so what do you need to know about when and how your money is refunded? Accommodation payments (called Refundable Accommodation Deposits – RADs for short) are one of the most misunderstood areas of residential…
Are you confused about aged care fees and what they all mean? You are not alone. In this article, we simplify the basics of aged care fees for you. If you, or someone you love, need to make a move into residential aged care, understanding the fees and getting a clear picture of what it…
Cashflow planning is important when moving into aged care, but plans can be thrown into chaos if your first invoice shows much higher fees than expected. This article sheds light on interim fees. The first statement you receive when you move into residential aged care can be a shock, as fees might be far higher…
Moving into residential aged care can be stressful with complicated rules, family conflicts and rushed timeframes. This can easily lead to mistakes, which can be costly and difficult to rectify. This article highlights three common mistakes and tips to avoid traps. Rushing your decision The biggest expense you will face is the cost of your…
Life is filled with changes. But with preparation and good advice, you may be able to manage the changes more effectively to minimise the stress. Watching your spouse’s health decline can be difficult and stressful. And if this decline results in a move to aged care, you will both be faced with a lot of…
Second marriages may present additional financial challenges when balancing day-to-day expenses with implications for aged care funding. You may not share finances equally, but Centrelink/DVA will assess your obligations as if you do. Life is full of ups and downs. You might have been unlucky and lost a spouse but then been lucky to find…
The recently released Intergenerational Report highlights trends and impacts over the next 40 years and highlights the significant impact of an ageing population. A major theme in the recent Intergenerational Report was the impact on Australia’s economy and society of an ageing population, which will lead to a rising demand for aged care over the…
No-one wants to be living with dementia. Keeping an active brain may reduce your risks and promote good cognitive health for longer. With an increasing number of people living with dementia in Australia and around the world, research activities aim to understand how the brain works and look for ways to reduce or slow the…
How you choose to pay for your room in aged care is an important decision, and with large dollars involved, it is one that should not be rushed. Know your rights and take time to get advice. When moving into residential care, your first financial challenge is likely to be deciding how to pay for…
The statistics on elder abuse are alarming, with almost 15% of older Australians estimated to be suffering elder abuse each year. The actual numbers are probably higher, as it is likely that not all cases are reported. This abuse often involves the misuse of an older person’s finances and assets by family members – often…