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Australia’s aging population means that more of us than ever before are faced with the challenge of making decisions about aged care for mum or dad.
Whilst this can be an emotional time for everyone and there are a number of things to consider, it needn’t be complicated or stressful.
As specialists in aged care, our focus is on helping you make sound decisions that give you peace of mind – knowing you’re doing what’s best for mum or dad.
We believe in simplifying the process, so that instead of wrangling with the pros and cons of major decisions like whether to sell the family home, each step is addressed logically based on solid financial information. That way, you can worry less and enjoy more quality time with your family.
Our approach to aged care helps you avoid the fear and uncertainty, because it’s based on a different mindset. Instead of juggling questions like “Should we sell Mum’s home or rent it out?” “How will this affect Mum’s pension?” “What is RAD/DAP?” or “What are Means Tested Fees?” it makes more sense to view it like a business cash flow position.
Here’s what we mean:
If you were to keep the primary residence, the fees will be $XXX p.a.
If Mum is 85 and she’s out of pocket $10,000 p.a. after all fees and charges, (allowing for interest income and aged pension) but she has $100,000 in the bank, she’ll have enough money to last until she’s is 95.
Statistically, we know:
This is the Rule of 31.*
So the questions we should be asking are:
“Can Mum afford care, and for how long?”
“What’s best for Mum, based on her money and assets?”
Our role is to compare these costs for you, so you can make an informed decision about what’s best for mum or dad. All it takes is a one-hour meeting.
Note: This is Dave and Alan’s rule, however if you divide the lifetime cap into the annual cap, which is a DHS statistic, we are not that far off, depending on time of publishing.
To get started and help us in the process, please complete the following:
Aged Care Questions and Answers Presentation
DMFS Aged Care Pre Meeting Form
When it comes to aged care, we believe in making the most of your mum or dad’s most precious resource: time.
It’s important to look after mum or dad’s assets, but what would they prefer? Would they rather you saved a few dollars by cleaning out the primary residence yourself, or should you get professional help? Would mum prefer to see you for a lunch on Sunday, or dad have you watch a game of footy with him on TV?
Here are some contacts that might save you some time – so you can watch that game with Dad, or have that extra cup of tea.
DMFS Financial Advisers Pty Ltd, ABN 71 158 044 476, is a Corporate Authorised Representative of AUS Financial Advisers Pty Ltd (ABN 89 159 536 151 AFSL 534501).
DMFS Financial Advisers Pty Ltd. © 2023. All Rights Reserved.
