Centrelink Support From Your Financial Advisor
It's critical to understand that the government may be able to assist you with your finances in retirement. Every dollar you receive from the Age Pension or any government benefit is a dollar you don't have to come up with on your own. The possibilities are worth studying.
Retirement Income Assistance
Increasing your retirement income with the Age Pension or another government benefit or allowance will help your savings last longer. However, it is critical to grasp the laws governing such advantages. Mint Financial Solutions will guide you through the detail and support you through the decision making process.
Reviewing Your Entitlements
Your Mint Financial advisor can evaluate your situation as well as your present Centrelink entitlements to check that you are getting all of the rights and benefits from the government to which you are entitled.
Deal With Centrelink on Your Behalf
You have the option of appointing your financial advisor to deal with Centrelink on your behalf. This means that your financial advisor can deal directly with Centrelink on your behalf and handle any complaints or administrative issues.
If someone is assisting you with your care, they may be eligible for a Centrelink Carer Allowance or Carer Payment. Your financial advisor can assist you in determining their eligibility.
Mint Financial Solutions can assist you to:
- Minimise costs
- Maximise social security benefits
- Choose suitable investments
- Plan for this distribution of your estate
Mapping Your Move
2. Research aged care facilities
3. Work out the financials: The big financial issues for aged care are the facility’s accommodation and the means tested care fee, as well as managing cash flow. Getting it right so you maximise entitlements and minimise fees can be complicated.
4. Manage ongoing financial issues and obligations: Once in aged care, there are ongoing obligations that need to be considered, whilst also keeping up-to-date with government changes relating to Centrelink or the Department of Veterans Affairs.
Aged Care Financial Services
For the purpose of modelling each individual's financial strategy, our Aged Care Financial Services make use of their extensive expertise as well as their first-hand experience working within the aged care system. To ensure that you come out on top is our number one priority. Our specialised advisors assist clients in maximising their pension entitlements and minimising their out-of-pocket costs for elderly care. In order to provide you with both peace of mind and professional support at every step of the way, we work to structure finances in such a way that the costs of elderly care are both affordable right now and sustainable into the future.
Aged care assessment
An Aged Care Assessment Team must first check you out before the government will pay for your care in a facility (ACAT). The assessment will also tell you if you can get a break or a package of home care.
Accommodation payment
The costs that aged care facilities charge for different types of rooms are decided by them. The facility must publicise those pricing and show the payment alternatives, along with a description of the essential features of each particular room type. Residents can pay for their housing in one of three ways: a flat sum called a Refundable Accommodation Deposit (RAD), a monthly payment called a Daily Accommodation Payment (DAP), or a combination of the two.
Daily care fee
A fee paid by all residents and represents 85% of the full single age pension.
Means tested care fee
This means-tested fee captures both income and assets. For new residents, both their income and assets are used to determine a ‘relevant means-tested amount’. An annual cap of $25,000 (indexed) applies to the means-tested care fee to protect residents with higher than average care fees. A lifetime cap of $60,000 (indexed) protects all residents who receive care for a longer than average period of time.
Fees for extra or additional optional services
Additional fees may apply if you choose a higher standard of accommodation or additional services. These vary from home to home. Your aged care provider can give you details of these services, such as hairdressing and Foxtel, and the fees that appl
We'll Make It Easy For You
Care for the elderly is a significant issue, and securing the appropriate care is something for which we should all make plans in advance. These days, the majority of people desire to extend their time spent at home for as long as they possibly can.
However, once you reach the point where you can no longer take care of yourself at home, you will need to seriously consider moving into a facility that specialises in senior care. Getting a reservation can take anything from a few days to a few months, depending on how popular the event is.
Your eligibility for residential care for the elderly will be determined by the Aged Care Assessment Team, also known as ACAT. The precise amount of the cost is determined by the scope of the service, the provider, and your capacity for financial obligation.
Mint Financial Solutions FAQ
- Paying a higher refundable accommodation deposit.
- Purchasing a funeral bond.
- Gifting to family members as long as it is within Centrelink exemption rules. ...
- Making sure that home contents are valued at fire sale value and not replacement value.
- Purchase a specialised annuity.
We'll Secure Your Future Without Sacrificing Your Present By Helping You Plan & Achieve Your Financial Goals
Strategic financial planners that understand what is important to you, and guide getting you to where you want to be. Paying off debt, buying a house, starting a family? or a dream retirement? We can help get you there. Book your free appointment!