Auxilliam - Before The Fall

08/03/2025

The Cost of Aged Care: What Families Don’t Expect

"How much does aged care actually cost?"

Most families are shocked when they realize just how expensive it can be. Between daily fees, accommodation costs, and medical expenses, it can quickly add up to thousands per month.

I recently helped a family who thought they had no choice but to sell their parent’s home to afford care. With the right financial strategy, we found a way for them to keep the house, reduce aged care fees, and retain their Centrelink benefits.

The result? Less stress, better financial security, and peace of mind.
If you or a loved one are facing aged care decisions, let’s talk! A quick chat today could save you thousands in the future.

Have you or someone you know been through the aged care process? What surprised you most about the costs?

03/11/2024

5 Key Things to Know When Helping Your Parents Transition into Aged Care

If you’re supporting a parent’s move to residential aged care, here are some important points to keep in mind:

1. Understand the Fees – Aged care includes various costs: daily fees, means-tested care fees, accommodation charges, and sometimes extra fees for additional services. Knowing these can help you make the best financial decisions for your family.

2. Look into Government Support – Your parents might qualify for government assistance, which can help with fees. Be sure to explore My Aged Care options and see how Centrelink benefits could apply.

3. Consider the Financial Impact – Using assets like the family home or superannuation to fund care might affect family finances or inheritance. A financial adviser can help you manage the impact and find the best approach.

4. Get Legal Documents in Order – Documents like Powers of Attorney and Advanced Care Directives are essential if a parent loses decision-making ability. Make sure you know who has the authority to manage finances and health decisions.

5. Choose the Right Facility – Each aged care facility offers different levels of care. Take time to tour and ask questions to find the best fit for your parent’s needs now and in the future.

These steps can make a big difference in making sure your parents get the care they need—and that everyone feels prepared and supported.

27/09/2024

Navigating Aged Care Fees: Why Families Should Seek Financial Advice

When elderly parents need to enter residential aged care, families are often faced with complex financial decisions that can impact both their parents' care and the family's financial stability. Navigating aged care fees and entitlements can be overwhelming, and mistakes are easy to make without expert advice.

Here are five common mistakes families often make when handling aged care finances:

1. Underestimating Aged Care Fees: Many families don’t fully understand the range of aged care costs, including accommodation fees, daily care fees, and means-tested care fees. Without professional guidance, they may end up paying more than necessary.

2. Selling or Keeping the Family Home Without Considering the Impact: Deciding whether to sell or keep the family home is a major financial decision. Each option has implications for Centrelink benefits, capital gains tax, and future financial flexibility. Seeking advice early on can help avoid costly mistakes.

3. Delaying Important Decisions: Waiting too long to plan for aged care can lead to rushed decisions and missed opportunities to manage the family’s wealth efficiently. Aged care fees can impact retirement savings, so it’s crucial to plan early.

4. Overlooking Government Benefits: Navigating Centrelink and My Aged Care entitlements can be confusing. Families often miss out on financial support or make errors in means-testing calculations, reducing their parents' access to benefits.

5. Ignoring Estate Planning Implications: Entering aged care can affect the broader family estate plan. Failing to consider how aged care costs impact inheritance, tax liabilities, or family wealth transfer can lead to unexpected complications later.

Making informed decisions with the right financial advice can help your family avoid these mistakes, protect your wealth, and ensure your parents receive the care they deserve. If you're facing these decisions, reach out to me at Auxilliam today to get expert guidance.
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31/03/2024

Navigating aged care fees can be complex and overwhelming. If you or a loved one are facing this challenge, you're not alone. In this post, we simplify the basics of aged care fees to help you gain clarity.

Moving into residential aged care involves understanding various fees, from RADs to DAPs, MPIRs, MTAs, and MTFs. But where do you begin, and how do you make sense of it all, especially with potential changes on the horizon following the Aged Care Taskforce report?

Firstly, it's essential to understand that aged care fees typically fall into three categories: accommodation, daily living expenses, and care services.

Accommodation fees can be significant, with costs varying widely. While not a property purchase, you still need funds for either a lump sum or ongoing rental payments. Government assistance may apply based on financial capacity.

Daily living expenses cover shared costs like food and utilities, usually paid through a flat daily fee. Reforms may alter how these fees are structured and set.

Care costs are partially funded by the government, with residents contributing based on means-testing. Planning your assets can impact these payments, with potential reforms under consideration.

Navigating these decisions alone can be daunting. As experienced financial planners specializing in aged care advice, we're here to help you understand your options and make informed choices. Reach out to us at 0413 313 100 to start planning ahead or seek guidance on your aged care journey.

26/02/2024

Empowering Older Australians in Aged Care

Let's highlight a crucial aspect often overlooked – the increasing number of older Australians in residential aged care.

Reasons why older Australians access Residential Aged Care:

Health Challenges - Specialised care for health and mobility issues.

Combatting Isolation - Providing a supportive community to fight loneliness.

Family Dynamics - A solution amidst evolving family structures.

Complex Care Needs - Handling a range of medical requirements.

At Auxilliam, we support seniors and families through advocacy, education, community engagement, and financial guidance.

Together, let's create an environment where every senior ages with dignity, surrounded by care. 🤝💙

20/02/2024

Click Here To Redeem This Senior Benefit Now

30/01/2024

TUESDAY TOGETHERNESS - Navigating the Aged Care Financial Maze: Unveiling the Impact of Assets and Income

In the realm of aged care, where financial decisions carry profound weight, let's delve into a pivotal topic — the intricate interplay between an individual's assets and income and the consequential impact on aged care fees.

Assets and Income: The Cornerstones of Financial Dynamics
Picture this as the symphony of a financial orchestra. Assets, the conductors of wealth — from the family home to investments — and income, the subtle melodies of pensions and superannuation. Together, they choreograph the intricate dance determining aged care fees.

Asset Assessment: Deciphering the Complexity
In this financial narrative, the asset assessment stands as the protagonist. It discerns the exempt from the included, lending clarity to the complexity of valued possessions and their role in shaping the financial tapestry.

Income, the Silent Determinant
Pensions, annuities, and income streams, the understated architects in the background. The income test unveils their significance, wielding its influence in harmonising the melodies with the aged care fees.

Fees, the Calculated Crescendo
Enter the means test — the maestro orchestrating a calculated crescendo of assets and income. It's not merely a financial audit; it's a profound assessment ensuring equitable contributions to the costs of aged care.

Government Support: A Strategic Accord
In this financial saga, strategic orchestration of assets and income may unveil doors to government support — an accord that transforms financial burdens into manageable considerations.

Proactive Financial Wisdom: Crafting a Legacy
Knowledge becomes a torchbearer. By comprehending the intricate impact of assets and income on aged care fees, individuals craft not just financial plans but enduring legacies — ensuring a dignified and sustainable journey.

Beyond Numbers, It's a Personal Odyssey
Aged care transcends numerical abstractions; it's a deeply personal odyssey. Whether planning for oneself or a cherished elder, it's about finding the balance that ensures quality care without compromising financial stability.

Join the Discourse
In this shared journey, enriched by collective wisdom, let's open the floor to your insights. How have you navigated the nuanced landscape of aged care finances? Your reflections contribute to a reservoir of knowledge that elevates us all.

If you need assistance navigating aged care for your elderly parents either for now of for the future please feel free to reach out.

Dr Leanne Elich (PhD. C-IQ. GAICD) Frank Choy Suzy Yates Sam Kitchen Bridget Holland Nick Bendel

03/06/2023

Why does it have to be so hard??
Last week I was helping an 85 year old client deal with one of the major banks.

Her utility bill had not been paid as there was a problem with the direct debit from her credit card. For some reason she hadn’t been receiving bank statements at her Retirement Home.

Between navigating the automated phone system, and dealing with condescending call centre staff - she was stressed, confused and overwhelmed by the whole experience.

She tried to go to her local branch to talk to someone - only to find it is closed and the closest one is 3 suburbs away.

This is just one example of the complications elderly people face in managing their financial affairs.

In the age of online “self-service”, banks and utility companies seem to have forgotten some of their most loyal customers still need help, the help of a kind, patient person to sort some things out.

My challenge is to all financial institutions - what can you do to make it easier for your elderly clients (and their carers) to deal with you??

Rant over.

25/05/2023

A fall, the onset of dementia, these are some of the hardest things adult children face as their parents age.
The realisation mum or dad can’t go home is tough.

Add in the confusing jargon of aged care - RADs, DAP, Basic Daily Fee, Means Tested Care Fees (and if you don’t know what any of this means - don’t worry you’re not alone!) it's no wonder families feel stressed and overwhelmed when the time comes to transition elderly parents into aged care.

At such an emotional time the last thing you want to be thinking about is finances and how to pay for aged care - the focus is on getting Mum in somewhere close by, staff who will take good care of Dad. Avoiding all the horror stories we hear about aged care…

At Auxilliam, we are experts in planning for aged care. We understand what all those confusing terms mean, the different ways to pay for a room in aged care and how to navigate the complexity of Centrelink and the pension.

We care about older people and their families. We take the time to clarify your options, so you can make informed, confident decisions.

For a no obligation consultation about the financial options when your parents need to move to aged care, give Karen a call on 0413313100.

03/05/2023

Join us to navigate the aged care maze with free roadmap and helpful tips.

02/05/2023

Are you finding the transition to aged care overwhelming and hard to navigate?
Are your parents at the stage where aged care is something you need to seriously start thinking about?

Join Karen Vickers, from Auxilliam - Before the Fall and Shannon Chin from Fit Minds Australia for this one hour online presentation covering all the things you need to know as you plan for aged care.

At the end of this session, you will:
- understand the different options available for aged care - both residential and at home care
- understand the different ways you can pay for aged care
- have lots of helpful tips to help plan aged care for yourself or your parents.

This session is recommended for people who want to find out more on how to go about planning for aged care ahead of time.

Use the link below to reserve your place.

Join us to navigate the aged care maze with free roadmap and helpful tips.