Aussies pay excess fees for aged care
Australians can save thousands of dollars per year in aged care fees if they simply restructure their assets and liabilities, according to an aged care specialist.
Co-founder and financial adviser of Trusted Aged Care Services, Amanda Cassar, said many families were paying aged care fees much higher than legally required as they failed Centrelink means testing unnecessarily.
"The biggest mistake most families make when placing a loved one in aged care is mucking up the financial support forms with Centrelink," she said.
"Centrelink looks at your assets and liabilities and charges a means tested fee and so restructuring your money — instead of having it sitting all in cash — will drive down your daily charges.
"This may not only save you up to thousands of dollars each and every year but can mean the difference between putting mum in a tiny cell-like room versus a large ensuited room with a view."
Cassar's business partner, Therese Jarrett, said even though the aged care industry was already complex, there were up to four-levels of daily fees which adult children struggled to navigate.
"It's a really complex industry with up to four levels of daily fees not to mention the variation in offerings — some facilities take pets, others don't, some have a dementia unit and others don't. Some cater to religious preferences or sexual orientation, and others don't," Jarrett said.
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
