Aged Care – Making your own decisions before your kids do it for you

Aged Care – Making your own decisions before your kids do it for you

By Garry McCormick – Senior Adviser, 9th September 2016


As financial advisers we often spend a great deal of time with clients, discussing their investments, their insurances, their plans for retirement and a host of other financial goals, yet if there is one area that regularly gets placed in the “I’m not ready for that, yet” category, it’s Aged Care.

It may be an aspect of life that people prefer not to think about.  Getting older and in particular, what happens when you or a loved one reach a stage when additional care is needed, beyond that which can be provided by a partner or the family at large, can be a frightening proposition.  For many, however, the need for help is a reality and the magnitude of changes that may be required, such as the sale of, or move from a family home, or the separation from a spouse, often result in this being one of the most difficult periods of all, to contend with.

Beyond the emotional considerations, there are a host of financial consequences and despite the government’s goal of a system that is affordable, with a range of quality care options and the flexibility to choose what is most appropriate, complexity abounds.  Am I eligible for home care, should I pay a RAD, or a DAP (or maybe even “what is a RAD, or a DAP?”), should I rent my home, how do I get an ACAT assessment, what happens to my Centrelink entitlements, what about my partner…all these questions and more may be encountered and not just by the individuals considering their care options, but increasingly by their family as well.

It is a time when some support can make all the difference, the ability to clearly assess the choices available and the financial implications of what is proposed, not just now, but for the future.  At PGFS it is our business to assist you in this regard.  With a focus on providing personalised financial planning and investment advice, we can answer your questions regarding Aged Care and by working in partnership with you, can develop and maintain a professionally structured financial plan that puts your interests and well being first.

If you would like to discuss in greater detail how PGFS can help with respect to the Aged Care options available to you or a parent, or would like to arrange a free initial consultation with one of our experienced advisers, we invite to you to contact us on 08 8373 7277 or via email at