We talk to a lot of families who are going through this for the first time. Mum’s had a fall, or Dad’s memory isn’t what it was and suddenly everyone’s trying to work out what happens next… not just where they will live, but how you actually pay for it. If that’s where you’re at, you’re not alone and you don’t have to work it out by yourself.
Why people come to us
Many of the people we see haven’t spoken to a financial advisor before in their life. That’s completely normal. When you’re working and raising a family, you don’t really need one – your pay goes in, the bills go out and Centrelink isn’t something you’ve ever had to think about. Aged care changes that. All of a sudden there are refundable deposits, daily fees, means-tested care fees and a means test that Centrelink and Services Australia need to assess. None of it is intuitive and getting it wrong can be expensive – or stressful at a time when you’ve already got enough on your plate.
It’s not just about the aged care costs
A big part of what we help with is actually what happens around the move into care. Often it means Mum’s house needs to be sold, or some superannuation needs to be cashed out to fund the move. Both of those decisions have real consequences that aren’t always obvious upfront.
Selling the house, for example cam change what Centrelink counts as assets, which can affect a pension. Keeping the house and renting it out has a different set of consequences again. Cashing in superannuation is similar – it might be the right move, or it might not be, depending on the full picture. There’s rarely a single “right” answer that applies to everyone… it depends on the family’s situation, the numbers and what matters most to them.
What we actually help with
- Working out what the aged care facility will actually cost and how the fees are structured
- Understanding Centrelink and how a move into care affects any pension
- Weighing up whether to sell the house, rent it out, or keep it
- Looking at whether cashing in superannuation makes sense and what the trade-offs are
- Laying out the different options clearly, so the family can make a decision with confidence rather than guesswork
You don’t need to have all the answers
You’re not expected to know how any of this works and that’s exactly what we’re here for. Our job is to sit down with you, look at the whole picture and explain the options in plain English, so you can make the right call for your family without the guesswork.
If you’re facing this now, get in touch and we can talk through where you’re at.
