On February 24 this year I attended a seminar titled Navigating the Recent Changes to the Aged Care System presented by Tony Gilham and Patrick Malcolm from GFM Wealth Advisory. This session covered:
- An overview of fees and aged care system
- Detailed analysis of the changes to the system
- Aged care framework
- Different aged care options
- Social security implications
- Tax implications
- The interaction of aged care with social security and tax legislation
- Strategies and solutions
- Some of the proposed changes
- Case Studies
After the session GFM very generously agreed to make the presentation materials available to Empowering Monash and You.
Click on the link below to access a slideshow of the presentation:
The following is an edited version of the report on the presentation from the GFM newsletter:
With the growing aged population, it is becoming increasingly important to understand the issues surrounding moving to an aged care facility.
Over 1 million older Australians receive some form of aged care and support each year and this is projected to grow to over 2.5 million over the next 40 years. There are around 169,000 residents living in residential care with 58,172 people admitted in residential aged care between 1 July 2010 and 30 June 2011.
Although it’s a complex subject, the attendees got to understand the changes taking effect from the 1st July and how the system works and the important issues to be aware of should the need arise for aged care, be it for a family member, friend or for themselves.
We thank GFM Wealth Advisory for allowing us to share their experience and expertise in this complex field and to provide members of EM&U with insights into the complexity of planning for aged care. The key take aways from the session for me were that it’s never too early (although it can be too late) to start planning and that failing to plan can make aged care very hard to finance.
The author requested permission from GFM to publish this material on this web site.
GFM have neither requested nor received payment for sharing this material.
Please read the disclaimer in the attached presentation – the advice contained is of a general nature and should not be acted upon without professional advice from a financial planner of your choice and familiar with your personal circumstances.