Aged Care – He Who Hesitates Will Cost Them Dearly

If you know someone that is about to enter Aged Care or will be doing so in the near future then it is essential that you read on.

The Australian Government is making substantial changes to Aged Care which will impact upon how much people need to contribute for their entry into and the ongoing expenses associated with living in Aged Care facilities. These changes will take effect from 1 July 2014.

Importantly, for those that are presently in Aged Care or will be before 30 June 2014 then the old rules will continue to apply to them.

In short the new rules will increase in most cases the amount of money that is required to be paid for those that are in Aged care. Importantly these additional costs will be incurred for each year thereafter for those under the new system as opposed to the “old” system. This can add up to a substantial sum of money over this time.

For any considering their options now would be an excellent time to seek advice from an appropriate professional to assess the financial ramifications of these changes

Written by Robert Coyte, Shartru Wealth Management Pty Ltd. ABN 46 158 536 871 AFSL 422409 The advice is general advice only and we have not considered your personal circumstances. Before making any decision on the basis of this advice you should consider if the advice is appropriate for you based on your particular circumstances.