Do I Need an Aged Care Financial Advisor?

Deciding to enter aged care is a major life step – one that comes with both emotional and financial considerations. With complex government fees, means-testing, and payment options such as RADs (Refundable Accommodation Deposits) and DAPs (Daily Accommodation Payments), many families wonder if seeking help from a specialist aged care financial advisor is worthwhile.

Why Aged Care Finances Are Complex

• Multiple fee types: basic daily fee, means-tested care fee, and accommodation costs

• Impact of assets and income on government subsidies

• Different payment structures (RAD vs DAP vs combination)

• Tax and pension implications

What Does an Aged Care Financial Advisor Do?

A specialist financial advisor for aged care helps you:

• Understand all available care payment options

• Structure finances to minimise fees while protecting assets

• Navigate the Centrelink/DVA aged care means test

• Advise on whether to sell the family home or keep it

• Plan for estate management and inheritance

Do You Really Need One?

You may benefit from professional advice if:

• You’re unsure how fees will affect your pension

• You’re deciding whether to sell or retain the family home

• You want to maximise government subsidies

• You’re overwhelmed by the financial paperwork and processes

• You want peace of mind that your loved one’s care is affordable long-term

How to Choose the Right Advisor

• Look for aged care financial specialists, not just general planners

• Ensure they are independently licensed and accredited

• Ask about fee structures (flat fees vs commission-based)

• Read reviews and ask for referrals from your aged care provider

FAQs

Q: Can I handle aged care finances myself?
Yes, but the rules are complex. Many families choose an advisor to avoid costly mistakes.

Q: How much does an aged care financial advisor cost?
Costs vary but are often a flat consultation fee. Some may charge ongoing management fees.

Q: Will an advisor save me money?
In many cases, yes. By structuring assets correctly, they can reduce fees and maximise entitlements.

While not every family will need an advisor, working with an aged care financial planner can help simplify the process, reduce stress, and potentially save thousands of dollars. If you’re facing decisions about aged care costs, seeking expert guidance can give you confidence and peace of mind.

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Article posted:Jun 24, 2019
Category: Aged care financial planning