CHECK THE FEES YOU ARE PAYING

When living in residential aged care you will face three categories of fees:

1. Accommodation costs – pays for your room and access to available amenities.

2. Daily care fees (basic fee and meanstested fee) – a contribution towards your living and care expenses (eg food, electricity, care staff, cleaning services).

3. Additional services – extras that may add to your lifestyle or convenience (eg Foxtel, newspapers, meal choices, happy hours, transport services).

I am seeing it become more common for aged care providers to offer a package of additional services for an extra (and sometimes compulsory) daily fee. The provider can set what is included in the packages as well as the prices. This means the range of services and daily price can vary widely.

The Resident Agreement that you will be asked to sign when you accept the offer of a room should detail the cost of your room, the type of room and what additional service fees you have agreed to pay.

For the additional services, read the details in the agreement carefully to understand:

• What services you are being provided and whether they are things you want;

• The fee you will be asked to pay each day, and

• Whether you are able to opt-out, and stop paying the fees, if you no longer want to receive the services.

Some simple rules may help you to understand your obligations and rights:

• Always read your Resident Agreement carefully before signing.

• Ask the service provider to explain the additional service fees and help you understand what you are being asked to pay for.

• Query fees for services you don’t think you

P 0431 414 799 need or want and find out if they are optional and/or allowed under the Aged Care Act.

• If you have a dispute with the care provider, you can contact the Aged Care Quality and Safety Commission to help resolve.

One of the key planning aspects is to ensure you can create sufficient cashflow from your financial resources to pay your fees, including additional services.

As an FPA Aged Care Specialist, I have helped many clients review finances, calculate fees and provided advice on how to structure assets to meet cashflow and protect the value of your estate.

Call me today on 0431 414 799 to see how I can help with making the right decisions and understanding the impacts of a move into residential care.

This advice is general in nature and everyone’s circumstances are different. So it’s important to speak to someone like myself who is a licenced financial adviser (I am an Authorised Representative of Count Financial Limited AFSL 227232).

E jason@burleyagedcareadvice.com.au

W www.burleyagedcareadvice.com.au

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