Affording the best aged care for your loved ones
For many of us, where our elderly parents or loved ones will live when they can no longer stay at home is not something we want to face. But the fact is this decision will become a very real issue for most of us at some point down the track.
Moving into aged care is a major life change and requires careful research, discussion, planning and time. Because it is often neglected, families are completely lost once faced with the reality that Mum can no longer cope alone or Dad has had a nasty fall and needs full-time care.
The sheer scope and complexity of the decisions that need to be made means that families will often have to make crucial life-changing decisions under extreme duress:-
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Where does Mum want to go?
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Will my siblings help?
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What can aged care facilities offer?
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Do we have to sell the family home?
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Can we afford it?
Funding the cost of aged care
At Reid McGill we specialise in the provision of aged care financial advice and have helped many families work their way through the maze of financial information and Government legislation that is part of this process.
Aged care costs can vary enormously between facilities and from resident to resident. Understanding the rules so that costs are minimised is a specialist task. Get it wrong and you could:
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Settle for second best in terms of facility
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Reduce the pension payments your loved one has worked for and is entitled to
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Pay thousands of dollars in extra costs each year
In addtion we can help you restructure assets to help them grow rather than depreciate which may mean that the family home does not need to be sold.
The Reid McGill Process
There is a clear process our planners at Reid McGill follow when helping families make the transition into aged care:-
Open up - Reid McGill will facilitate the necessary conversations with family members to help everyone understand your loved ones views as well as their fears, excitements and advantages at this stage of their planning.
Fact Find - our planners will request, organise and analyse all their current financial, health, and personal information and then integrate this with their long-term goals and dreams.
Plan -we will develop specific solutions to your family's lifetime care issues. This takes into account the current situation, resources, and capabilities and maximizes that situation in terms of adaptability, flexibility and innovation to meet the constantly changing requirements of long-term care.
Implement - This is the step by step implementation and execution of all the financial, legal, tax and aged care strategies necessary to achieve a successful outcome.
Monitor - This final stage allows you to take into account the changes that have occurred since your parent or loved one made the transition into aged care and to adapt the plan as necessary.
A beneficial solution
Reid McGill will only work with you on the development of unique aged care strategies once it has been clearly established that we can save you money and achieve your goals.
In order to facilitate this we offer a free 30 minute telephone or face to face consultation. If you decide to go ahead and retain our services, we will go through the process outlined above and charge a flat fee based on an agreed hourly rate.
How Reid McGill can help your family:
- Maintain full pension entitlements
- Minimise aged care fees
- Fund long-term aged care
- Improve cashflow
- Build assets for the future
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Keep the family home
Please contact us if you would like to discuss your aged care requirements with one of our advisers.
Below are a series of case studies demonstrating some of the strategies that can be used to help make the transition into aged care:-
If you wish to find out more about the fees involved in aged care, please take a look at the latest fee and estimator tools below: