Why Working with an Aged Care Specialist Can Make All the Difference
As we or our loved ones age, navigating the world of aged care can feel overwhelming. From understanding funding options and choosing the right care to managing financial considerations and making long-term plans, it’s a lot to take in.
That’s where working with an aged care specialist comes in. With their expert guidance, you can make informed decisions that help you, or your family member, enjoy the best care possible while safeguarding financial security for the future.
At Strategem Financial Services, we understand how complex the aged care system can be. Our dedicated team of aged care specialists is here to help you simplify the process, offering the support and expertise you need to make the right choices.
Here’s why working with an aged care specialist—and specifically, our team at Strategem—can be a game-changer.
1. Expert Knowledge of the Aged Care System
Aged care is an intricate system, with a variety of options available ranging from home care packages to residential care and everything in between. Each option comes with its own set of requirements, benefits, and financial implications. An aged care specialist has in-depth knowledge of these systems and can help you understand what’s best for your specific needs. They can explain the eligibility requirements, government subsidies, and the differences between private and public care options, ensuring you make an informed choice.
At Strategem, we have a deep understanding of the aged care landscape. We’re not only familiar with the care services themselves but also with the financial and legal complexities involved. Whether you’re looking to arrange in-home care, transition to a residential facility, or plan for long-term care, we’re here to guide you through every step of the process.
2. Tailored Financial Advice for Aged Care
Aged care often involves complex financial decisions. From understanding how to pay for care to navigating government support, it can be a challenge to ensure your financial strategy aligns with your care needs. An aged care specialist can assess your financial situation and help you explore the best funding options available, whether that’s drawing from assets, exploring government funding, or a combination of both. They can also help you with tax implications, Centrelink assessments, and managing any family wealth concerns.
At Strategem, our financial planners work alongside our aged care specialists to offer tailored advice that takes your full financial picture into account. Whether you’re planning for yourself or a loved one, we can develop a strategy that ensures your financial well-being is protected while meeting your aged care needs.
3. Simplified Paperwork and Compliance
The paperwork involved in aged care can be mind-boggling—there are eligibility forms, financial assessments, care plans, and much more. With all the details to manage, it’s easy to feel lost or overwhelmed. Working with an aged care specialist makes this process much easier. They will help you complete the necessary paperwork, ensure that you meet all requirements, and submit the right forms to the right authorities on time.
Our team at Strategem is here to help you cut through the red tape. We understand the forms and procedures required for government funding and care approval, and we’re committed to helping you avoid common pitfalls that could delay your care plan or reduce available funding.
4. Ongoing Support and Advocacy
Choosing the right aged care service is just the beginning. As needs change over time, it’s crucial to revisit and update care plans to ensure that the person receiving care is getting the support they need. An aged care specialist doesn’t just help with the initial decision-making process—they continue to provide ongoing support, helping you navigate any changes to the system and ensuring that the care plan stays relevant as circumstances evolve.
At Strategem, we don’t just set up your aged care plan and walk away. We’re in it for the long haul, offering continual advice, support, and advocacy to ensure that your care plan is adjusted as needed. Whether that’s helping you access additional services or guiding you through a change in funding, we’re here to make sure you’re always on the right track.
5. Peace of Mind
Perhaps the greatest benefit of working with an aged care specialist is the peace of mind it provides. Aged care is a significant decision that affects your loved one’s quality of life—and, as a result, it can cause a lot of stress. By working with a specialist, you can rest assured knowing you’re making well-informed decisions based on expert advice. You can feel confident that your loved one’s care needs are being met in the best possible way, and that your financial situation is being managed wisely.
At Strategem, we’re passionate about helping families find the right aged-care solutions. We believe that by providing expert guidance, financial advice, and personalised support, we can make a challenging time a little easier and give you the peace of mind you deserve.
Case Study 1: Navigating the Transition to Residential Aged Care
The Challenge
Margaret, an 84-year-old widow, lived in her family home for decades. After a fall and a hospital stay, her children, Emma and James, faced the difficult decision of moving her into residential aged care. They were overwhelmed by the financial and emotional complexities of the transition, including:
How to fund the Refundable Accommodation Deposit (RAD).
Whether to sell Margaret’s home or retain it for rental income.
Understanding Centrelink implications and ensuring Margaret's pension eligibility.
How Strategem Can Help You
Our aged care specialist worked closely with Emma and James to create a tailored strategy:
Financial Assessment
We reviewed Margaret’s full financial picture, including her assets, income, and pension entitlements.Funding the RAD
We recommended retaining the family home and renting it out to generate income, which helped fund the RAD while minimising the impact on her Age Pension.Centrelink Compliance
Our team completed all required Centrelink paperwork to ensure Margaret’s pension eligibility remained intact.Ongoing Strategy
We provided a plan for managing rental income, ensuring Margaret could afford ongoing care fees without financial strain.
The Outcome
Emma and James felt confident knowing their mother’s care was secured without the emotional burden of selling the family home. Margaret transitioned smoothly into a high-quality aged care facility, and her pension eligibility was maximised. The family now has peace of mind, knowing her financial and care needs are in expert hands.
Case Study 2: Managing Aged Care Costs for a Couple
The Challenge
Peter and Helen, both in their late 70s, were struggling to navigate the complexities of aged care. Helen required high-level residential care due to her advancing dementia, while Peter wanted to remain in their family home. Their key concerns included:
How to fund Helen’s aged care without depleting their joint savings.
The impact on Peter’s pension eligibility and financial independence.
Ensuring that Helen received quality care while preserving their family’s financial security.
How Strategem Helped
Our aged care specialist stepped in to guide Peter and Helen through the process:
Holistic Financial Review
We assessed their combined assets, income streams, and expenses to determine the best approach for managing costs.Care Funding Strategy
We structured Helen’s RAD as a combination of a partial upfront payment and daily payments (DAP) to avoid liquidating key investments.Asset Management
We advised Peter on maintaining his superannuation balance, which is exempt from the Centrelink means test, preserving his pension entitlement.Ongoing Support
We helped Peter set up a sustainable budget to manage day-to-day expenses while ensuring Helen’s care fees were covered.
The Outcome
Peter was able to stay in their home and maintain financial independence, while Helen moved into a care facility that met her needs. By preserving their savings and managing Centrelink considerations, we ensured both their current and future financial security. Peter described the experience as “a weight lifted off my shoulders,” knowing that both he and Helen were in good hands.
DISCLAIMER
The scenarios presented in these case studies are based on the collective experiences of many clients Strategem has worked with over the years. While they reflect common challenges and solutions, they are illustrative in nature and do not represent any specific individual or family. Confidentiality is a priority at Strategem, and no client details or personal information have been disclosed in the creation of these examples. For advice tailored to your unique circumstances, we encourage you to contact our team.
How Strategem Financial Services Can Help You
Whether you’re planning for yourself or a loved one, we’re here to help you navigate the complexities of aged care with confidence. Our team of aged care specialists will work closely with you to assess your needs, explore funding options, and develop a strategy that ensures the best care and financial stability for the future.
We believe that everyone deserves access to high-quality care and financial security, and we’re committed to making that a reality for you and your family. If you’re looking for guidance and support when it comes to aged care, retirement, or financial planning, don’t hesitate to reach out to us at Strategem Financial Services. We’re here to help you every step of the way.
If you’re ready to take the next step and start planning for the future, contact us today. Let’s work together to create the best care plan for you or your loved ones, and give you the peace of mind you deserve.
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If you need further advice, please do not hesitate to contact our office on (03) 5445 4777 and one of our Accountants & Advisors are available to support you.
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