If I move into an Aged Care Facility, what happens to my social security entitlements?
Leaving the family home and moving to an Aged care facility can be very stressful for elderly citizens and their families. Not only are they leaving the familiarity of the home they have occupied for many years (often decades) they are also confronted by a range of financial issues and decisions that many find challenging in the extreme.
Should we move to a retirement village or into a home with high-level care facilities? What is the best way for us to fund the accommodation bond? Should the family home be sold or rented? What is the impact on our Age Pension entitlements?
Getting these decisions collectively right or wrong will have a large bearing on the quality of life our Senior citizens experience in their later years.
Banksia Partners can assist seniors and their families in negotiating their way through the complex maze of different Aged care options and the equally complex impact on Centrelink and Veterans Affairs Age pension and benefit entitlements.
A Banksia Partners adviser will analyse your current financial situation and develop appropriate strategies that maximise your finances as you move through the various stages of residential care. Our advice will focus on ensuring you can afford the highest care standards while preserving any existing government funded pension and benefits.
Contact us today and arrange a no obligation appointment to discuss how Banksia Partners can assist you in successfully managing your way through the financial aspects of the Aged care maze.