Transparency & Fees
For many people navigating the world of aged care is a bit like walking a circus tightrope.
Accommodation. Medical Needs. Financial Assessments. ACAT assessments.
Can I trust who I am dealing with to act in my best interests? Or in my parents’ best interests?
Or are they really only looking after their own financial interests?
It is clear from the 2019 interim report from the Royal Commission into Aged Care Quality, that our nation’s aged care system has been in a woeful tale of neglect for many years, with poor nutrition, chemical restraint and poor financial clarity all coming under the microscope.
Commissioners Richard Tracey and Lynell Briggs said the aged care industry was “a sad and shocking system that diminishes Australia as a nation” and needed to be changed.
Although retirement villages were out of scope (only Aged Care facilities were included), this is even more reason why elderly Australians need to make carefully considered independent choices when making accommodation and care decisions in their senior years.
At The Aged Care Expert, you can be rest assured we will provide a thorough and considered investigation of your individual situation. We work only for buyers and their families, providing undivided loyalty, independent research and unbiased financial advice.
Outside of securing accommodation, we can also provide a rough idea of what is “reasonable” to pay for government subsidised aged care living costs too.
For instance in 2019, the Commission found that recipients of My Aged Care were being short-changed by service providers who charged fees from 13-38% of their client’s government care subsidy. In this article by the Sydney Morning Herald, it was reported as the “great aged care swindle” in administration fees.
We pride ourselves on helping families avoid these common pitfalls, and helping to simplify the decision making process for important aged care decisions by providing concrete performance data for high-quality living options.
We offer a highly competitive fee structure, which varies based on time required and the circumstances and needs of each client.
For instance, it may be important for one couple to be near public transport, so those options will be investigated. Perhaps living in a community with other Italians/Chinese or Greeks and having Foxtel included is of utmost importance to someone else. For a couple with medical issues, an onsite GP is crucial.
We would also build in contingency and risk to your plan – for instance what happens if one of “the couple” needs to suddenly upscale to aged care but the retirement village they’re in hasn’t guaranteed they have a bed?
We come to your home for an in depth assessment of needs, and we then ask aged care suppliers in the areas you prefer, the hard questions your want to know.
We then create at anywhere upto five financial scenarios to choose from, which will also consider other family financial advice if necessary (if I downsize by investing money in a property with my daughter how much will that effect my future pension?)
A comprehensive assessment generally requires 30- 40 hours’ work, with fees 25% upon engagement and the remainder upon completion of work.
Fees will vary depending on scope of work, what investigations have already been done and what is further required.
The Aged Care Expert will consider price matching any comparable written offers you receive from other reputable Certified Financial Planners dated within a 12 month period.
‘The Aged Care Expert prides itself on Exclusive Buyer Representation’