The Valuable Role Aged Care Financial Advisors Play For The Elderly Community

age care employee taking care of an old woman

Aged care financial advisors are experienced and expert operators who help to guide their client through a major transition in their life.

Whilst switching from full-time employment to a retired status might have been an unusual switch, this is a move that can feel disempowering.

As an adult who has spent decades living and caring for themselves, moving to a facility of this profile can be daunting and stressful to comprehend.

This is why engaging with a specialist provider regarding your aged care finance is so necessary, as their role will help to alleviate many of the issues that will emerge over the course of the transition.

 

Opening Dialogue With All Family Interests and Opinions

The first endeavour that aged care financial advisors will help their clients with is opening a dialogue with the family. From children to brothers and sisters and in-laws, there will be those parties that will be entrusted with walking the individual or couple through the process. This is where an open and honest discussion has to be had, asking them about their reservations about the move, what they want to take, what they want to leave behind, what assets they can cash in on, sources of income, a writing of a last will and testament, and any other details that emerge over the course of the discussion. They will be present and available for advice, but the important phase is beginning the talks in earnest.

 

Working Towards ACAT Process

old woman

The Aged Care Assessment Team (ACAT) will need to undertake a process before your aged care financial advisors can proceed with the other elements of their service. The main outcome they will wish to reach is placing the client into one of four key categories:

  • Level 1 – basic level
  • Level 2 – low level
  • Level 3 – intermediate level
  • Lever 4 – high level

The higher the need, the more government subsidies may be necessary for the individual. An income-tested care fee could also be part of the equation, but the assessment will help to outline to all parties what services are needed.

 

Calculating Ongoing Costs of Aged Care Services

From daily fees and accommodation lodgings to any potential meal or entertainment extras, aged care financial advisors are there to help the client manage any ongoing costs that feature as part of the agreement. There are residents who may still own property or manage assets outside of the residency in order to pass them onto next of kin.

 

Organising and Filing Documentation

Aged care financial advisors will undertake a lot of the necessary filing of documentation and legal papers. Including power of attorney, wills, guardianship and asset ownership, these small details will end up mattering in the grand scheme for families who need to ensure their affairs are in order.

 

Helping To Pick Out Facility Based On Key Criteria

Aged care financial advisors will have their own networks and relationships with various providers in the region, but one outlet in one location might be more suitable than another. These experts will help to guide the individual, couple or family through the appropriate options based on key criteria that is paramount to them. Living in close proximity to a son or daughter could be a preference, just as being close to a local and trusted doctor or hospital could be for another retiree.

 

Summary

Aged care financial advisors will help to lay the groundwork for this big switch. The more the client know ahead of time and can prepare for, the less daunting the endeavour will become. Honesty and clarity are the best tools in these moments, so it is wise to seek their counsel on the subject. Not only will they be there when the move happens, but they are available to offer ongoing counsel and advice for the benefit of the client and the family at large.