Aged Care Financial Advice
At Geras Partners we are passionate about helping our clients navigate the challenges and complexities
of Australia’s aged care system. We pride ourselves in the provision of comprehensive aged care
financial advice so that families can progress the required decisions and actions for their loved ones
that need care in their legacy years. The following is an outline of our approach to aged care financial
advice for our clients.
How much will be the upfront aged care costs?
Client Action
Understand and agree the assets that will be used to fund upfront aged care costs and investments. In most cases this may require a decision as to whether the family home or other assets be sold.
How Geras Can Help
We will consider all financial options in our aged care advice to fund the upfront cost of aged care and present the options to clients for a decision as to the appropriate way forward.
What will be the cost of ongoing aged care?
Client Action
Identify the family assets and income that will be used to fund the ongoing cost of care and understand the fees that are applicable. Fees include the basic care fee, accommodation fee and means tested fees.
How Geras Can Help
We consider all of the available options to fund ongoing aged care costs and project future cashflows so that the financial future is fully understood. We present to clients a roadmap that describes the outcome for all options.
Can we keep the home or is it better to sell it?
Client Action
Understand the various options available for the family home and the financial implications of a sale or rental option. A sale of the home and investment in an aged care unit will reduce the overall ongoing aged care costs. This approach needs to be considered relative to the rental option.
How Geras Can Help
Our age care consultants explain the benefits of selling the home and investing in an aged care unit versus the implication of renting the homel. The implication of each approach will be explained in terms of ongoing aged care fees.
What will be the impact for the aged pension?
Client Action
Understand that the family home is currently exempt from the aged pension asset test & a sale will potentially impact the level of pension.
How Geras Can Help
We will recommend strategies to ensure that our client’s aged care pension entitlement is maximised.