Forman Financial Services

Aged Care Financial Advice

Making the right financial choice regarding aged care

Moving into aged care involves major changes in one's life and involves emotional decisions as well
as the need to make a major financial decision regarding how to pay for the aged care facility.

Funding of aged care

There are 2 main components to fund aged care:

  • Entering an aged care facility: All levels of aged care facilities charge a bond as either a
    one-off lump sum which is called 'Refundable Accommodation Deposit' (RAD), or an ongoing
    payment which is called a 'Daily Accommodation Payment' (DAP) or a combination of both.
  • Ongoing fees for daily costs: Ongoing fees include basic daily care fees, ongoing care fees
    & extra services.

Why is it important to receive advice before making a financial decision regarding aged care?

There are 3 main reasons to obtain advice regarding aged care fees:

  • Complexity of payment: For a person entering the aged care environment for the first time
    the terminology and the way that the payment is assessed can be overwhelming and seems
    very complex. Receiving advice can help simplify the process and make it easier to make an
    informed decision.
  • Choosing between RAD and DAP: The decision on how to pay the entry fee has to be made
    within one month of entering the facility. This tends to be a significant financial decision and
    may involve the decision to sell the residential home or to keep it. An expert's advice can save
    the family a substantial amount by helping to make the right choice.
  • Ongoing fees: Some of the ongoing fees tend to be means tested which results in the fact
    that residents could pay different levels of fees for the same service in the same facility. An
    expert's advice can save the family a substantial amount in fees.

How can Forman Financial Services help you with aged care financial advice?

Forman Financial Services is a boutique financial planning & advice specialist located in Sydney's
Eastern Suburbs
. Our principal advisor, Solomon Forman has over 20 years experience as a
Financial Planner, Accountant, SMSF Specialist Advisor, SMSF Auditor & Tax Agent.

We look at your total picture and provide you with quality advice based on our long term experience
with aged care. Our aim is threefold: to simplify the aged care financial decisions for you, to
maximise government support and to minimise the effect on your estate.

A confidential consultation with Forman Financial Services starts from only $220.

Contact us to arrange an appointment today. We provide clients with a face to face meeting at our
office in Bondi Junction or via Skype for your convenience.

Learn more about how the right aged care financial advice has helped others:

Frances made the decision to sell her family home when entering an aged care facility.

Andrew minimised ongoing aged care fees using this strategy.

 

 

To view client recommendations please check Solomon Forman's LinkedIn profile

 

 

 

 

 

 

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SOLOMON FORMAN SMSF SPECIALIST ADVISOR SMSF SPECIALIST AUDITOR Forman Financial Services SOLOMON FORMAN CERTIFIED FINANCIAL PLANNER® Forman Financial Services

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