Aged Care Financial Services
Making the Right Financial Choice
Moving into aged care involves major changes in one’s life and involves emotional decisions as well
as the need to make a major financial decision regarding how to pay for the aged care facility.
There are 2 main components to fund aged care:
- Entering a facility: All levels of facilities charge a bond as either a
one-off lump sum which is called ‘Refundable Accommodation Deposit’ (RAD), or an ongoing
payment which is called a ‘Daily Accommodation Payment’ (DAP) or a combination of both.
- Ongoing fees for daily costs: Ongoing fees include basic daily care fees, ongoing care fees
& extra services.
Why is it important to receive advice before making a financial decision?
There are 3 main reasons to obtain advice regarding fees:
- Complexity of payment: For a person entering the aged care environment for the first time
the terminology and the way that the payment is assessed can be overwhelming and seems
very complex. Receiving advice can help simplify the process and make it easier to make an
- Choosing between RAD and DAP: The decision on how to pay the entry fee has to be made
within one month of entering the facility. This tends to be a significant financial decision and
may involve the decision to sell the residential home or to keep it. An expert’s advice can save
the family a substantial amount by helping to make the right choice.
- Ongoing fees: Some of the ongoing fees tend to be means tested which results in the fact
that residents could pay different levels of fees for the same service in the same facility. An
expert’s advice can save the family a substantial amount in fees.
How can Forman Accounting Services help you with financial advice?
Forman Accounting Services is located in Sydney’s Eastern Suburbs. Our principal advisor, Solomon Forman has over 30 years experience.
We look at your total picture and provide you with quality advice based on our long term experience with aged care. Our aim is threefold: to simplify the aged care financial decisions for you, to maximise government support and to minimise the effect on your estate.
A confidential consultation with Forman Accounting Services starts from only $550.
Contact us to arrange an appointment today. We provide clients with a face to face meeting at our office in Bondi Junction or via Skype for your convenience.
Learn more about how the right aged care financial advice has helped others:
Frances made the decision to sell her family home when entering an aged care facility.
Andrew minimised ongoing fees using this strategy.