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For example, a RAD of $400,000 is converted to a DAP of $54.58 per day. If you accept a place in a residential service, you can choose whether to pay the full RAD, the full DAP or any combination of the two.
Financial advice
You don’t need to make this choice until 28 days after moving into care and the service is not able to pressure you to choose any particular option.
Fact 3 – Even with less assets, it may be affordable
If you don’t have enough assets to pay the RAD the first step may be to see if you qualify for Government concessions as a low-means resident – this would require your share of assessable assets to be less than $169,079.20. If you don’t qualify you will need to find a way to fund the full accommodation payment requested by the service. If you don’t have enough assets, paying a part RAD and part DAP may help, but only if you have surplus cashflow to pay the DAP. One further strategy option is to pay as much of the RAD as you can afford and then instruct the service provider to take the DAP (on the unpaid amount) out of the RAD you have paid. This option leaves your income to meet daily care fees and living expenses but reduces the RAD refunded when you leave.
Fact 4 – There is no pressure to act quickly or sign documents
Understand that each group you may be dealing with, be it the hospital, social worker, aged care facility or the Department of Human Services (Centrelink / My Aged Care) has a desire to assist you, but they do not put all the pieces of your puzzle together. Do not feel pressured into signing documents, completing forms or make decisions straight away. Seek advice first, as sometimes opportunities present themselves to improve your situation before you complete these forms.
Fact 5 – You should get advice – and not all advisers are ‘equal’
As you support your loved ones, we support you.
Identify an experienced and Accredited Aged Care Professional who can help you make the right decisions, outline the options available to you and the benefits and consequences of each decision you are considering.
We are specialist financial advisers who can give you clarity and the confidence to make informed decisions.
They can support you during stressful and tumultuous times, like mediating any family discussions, or help you create a clear aged care plan.
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Contact our team today.
Additionally, a financial advisor can review your financial situation and find what you can afford, develop strategies to improve your financial position, explain any Centrelink payments and Aged Care Fee impacts, and review your estate plan to avoid any future issues. Disclaimer: The case studies provided are illustrative only and contain information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. Rates are current as at December 2019. This article has been submitted by Dianne Chalk (CFP®), Accredited Aged Care Professionals (TM) of Hillross Fairy Meadow ABN 84 144 960 934. Hillross Fairy Meadow is a Corporate Authorised representative of Hillross Financial Services Limited ABN 77 0003323 055 AFS Licence No 232705.
Alteris Financial Group Pty Ltd (abn 59 133 479 115) holder of AFSL No. 402370