Retirement Planning if you get sick

Discussion in 'Wills & Estate Planning' started by Bean27, 25th Feb, 2021.

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  1. geoffw

    geoffw Moderator Staff Member

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    Newcastle
    The people who organise the packages for people have their own overheads. The worker generally only gets a minimum wage. Sometimes there's two levels between the government money and the worker. There is a lot which has to be done by these companies, so the worker doesn't have to spend time with administration.

    There are companies which match a worker directly with a client, so the worker gets more money, and the client gets more hours. I don't know how good they are. Mable.com.au is one that I'm aware of.
     
    geoffw, 19th Mar, 2021
    #21
  2. See Change

    See Change Well-Known Member

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    Sydney
    Bond for my parents ( each ) was around 500 k at the war vets at Narrabeen . Good value for money IMHO .

    Paying more might give you a better location ( eg Lower North Shore ) but doesn't guarantee better care .

    Been very impressed by the care of my parents .

    Cliff
     
    See Change, 19th Mar, 2021
    #22
  3. AndrewM

    AndrewM Well-Known Member

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    15th Apr, 2020
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    Location:
    Adelaide SA
    There are strategies that can be done using the family home and other assets when entering aged care to potentially gain access to Aged Pension depending on your total asset position but they're only limited time concessions anyway.

    The means-tested care fee is capped at $28,087 pa with a lifetime limit of $67,410, but have to remember the providers can use the RADs (or entry bonds) for a variety of purposes including capex, investments, loans etc. If the client chooses to pay a DAP the current interest rate is 4.1% pa.

    There's also the extra service packages which can be charged on top for luxuries for residents.
     
    AndrewM, 19th Mar, 2021
    #23
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