Most people find this does not become a problem.
Before accepting an offer of a place, you should check that you have enough assets to pay the Refundable Accommodation Deposit (RAD), ongoing income to pay the Daily Accommodation Payment (DAP), or enough to make a combination payment (part RAD / part DAP).
If you have lower means, you may qualify as a low-means resident and pay lower fees. Financial advice can help you to structure your finances to ensure you can continue to meet your payments.
The amount you contribute towards your ongoing care is based on your income and assets. If your income or assets reduce, your fees may also reduce or vice versa. The Government has also introduced caps on the means-tested fee to limit how much you will pay. There is a daily, annual and lifetime cap.
If circumstances beyond your control do place you in financial hardship, and you can't meet your ongoing fees, you can apply to the Government to have fees waived or reduced.
As an accredited aged care adviser, we can talk through the care options available to you, the costs associated with them and the best way to restructure your finances to pay for the appropriate care.
Bill Savellis
Senior Financial Adviser
Having navigated the Aged Care landscape for both of his parents, Bill understands how challenging it can be to make the right decisions for your future care needs. That's why he believes that everyone should have access to financial advice during this time. Bill has been a Financial Adviser for over 22 years, and is passionate about helping others access the financial advice they need. Drawing from his own experience in the financial sector, Bill develops strategic, personalised plans to support transitions to Aged Care or Home Care.
Disclaimer: Prepared without taking into account your objectives, financial situation or needs. Before acting on any information in this article, Olive Grove Financial Advice recommends that you consider whether it is appropriate for your circumstances. Information in this article was correct and current as of 22 February 2022. Olive Grove Financial Advice is operated by Bill Savellis through The Financial Advisor (Australia) Pty Ltd ABN 72 619 546 431, who is a Corporate Authorised Representative (No. 1278394) of Havana Financial Services Pty Ltd.
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