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Aged Care: what you need to know

Key reforms to Australia's aged care system will affect new residents entering residential aged care from 1 July 2014. 

An important change for the aged care residents entering care after 1 July 2014 will be a new set of rules for the calculation of accommodation payments and ongoing care fees and charges.  For many residents, the new system will be a more 'user pays' system where fees are determined by both an income and assets test. 
As your financial adviser, SMC Advisers can review your situation and provide advice on a range of areas including the level of fees and charges payable and the best way to structure things for your situation.

We can also assist by explaining the various aged care options and provide advice on a range of areas including:

·         accommodation payments

·         minimising fees and charges

·         maintaining the Age Pension and other social security entitlements

·         implications of keeping or selling the family home

·         structuring income and assets to meet the ongoing costs of aged care

·         the potential taxation implications of different aged care options and decisions

·         estate planning needs such as Wills and Powers of Attorney

Now more than ever it's important to consider the options and commence the planning process early so that decisions do not need to be made under stressful conditions. If you would like to discuss your own or your parents' situation, please contact SMC Advisers* for a confidential appointment 02 4984-9707.

For more detailed information on how we can assist you please take a look at our brochures and  fact sheets below.

Aged Care Guide - an overview of financial complexities to discuss with your financial adviser
Aged Care: what you need to know  - post October 2017

*SMC Financial Advisers Pty Ltd ABN 40 100 223 130 trading as "SMC Advisers" provides its financial planning services as an Authorised Representative of Count. 'Count' and Count Wealth Accountants® are trading names of Count Financial Limited ABN 19 001 974 625 Australian Financial Services Licence Holder Number 227232 a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124. Count is a Professional Partner of the Financial Planning Association of Australia Limited. Count advisers are authorised representatives of Count.