{"id":8158,"date":"2024-10-01T23:03:51","date_gmt":"2024-10-01T13:03:51","guid":{"rendered":"https:\/\/onthecoastpublications.com.au\/onthecoastover55\/?p=8158"},"modified":"2025-08-06T12:03:32","modified_gmt":"2025-08-06T02:03:32","slug":"avoiding-common-pitfalls-residential-aged-care-transition","status":"publish","type":"post","link":"https:\/\/onthecoastpublications.com.au\/onthecoastover55\/avoiding-common-pitfalls-residential-aged-care-transition\/","title":{"rendered":"Avoiding Common Pitfalls in the Residential Aged Care Transition"},"content":{"rendered":"\n

by sophie doyle, retirement and financial aged care specialist<\/strong><\/p>\n\n\n\n

Sophie Doyle | Erina | Morgans<\/a><\/p>\n\n\n\n

Navigating the transition into residential aged care can be a daunting process, often fraught with complicated rules, family conflicts and tight timeframes. Such circumstances can easily lead to costly mistakes that are challenging to rectify. This article sheds light on three common pitfalls and offers tips to avoid them.<\/p>\n\n\n\n

Rushing your decision
<\/strong>One of the most significant expenses you\u2019ll encounter is the cost of your room, often quoted in hundreds of thousands of dollars. However, instead of a lump sum, you may opt to pay a daily fee.<\/p>\n\n\n\n

Signing contracts under pressure can lead to hasty decisions, potentially locking you into a quick home sale. Take your time to understand your options and make an informed decision. Providers are mandated to allow 28 days post\u2013move\u2013in for payment deliberation, affording you the chance to seek advice and prepare.<\/p>\n\n\n\n

Only focusing on day 1
<\/strong>While it\u2019s crucial to comprehend the fees payable on your first day in residential care, this is merely the starting point. Your fees evolve over time, influenced by decisions made post\u2013entry and changes in your circumstances. Ensure you anticipate fee variations over the subsequent 2\u20135 years, with projections showing anticipated shifts in fees, age pension, cash flow, and asset values.<\/p>\n\n\n\n

Filling in forms incorrectly
<\/strong>Services Australia needs to review your financial position to calculate your fees. To enable this assessment, you need to complete some forms and update Centrelink (or Veterans\u2019 Affairs) records.<\/p>\n\n\n\n

If you fill in the wrong form, or provide incorrect information, your fees might be incorrectly calculated or cause long delays with the assessment.<\/p>\n\n\n\n

Get advice
<\/strong>Even if your situation seems simple, there are so many aspects to consider in working out the best financial strategy. Consulting with an accredited aged care adviser provides peace of mind, ensuring you\u2019ve made prudent decisions to sustain adequate cash flow while safeguarding your estate\u2019s value.<\/p>\n\n\n\n

If you wish to explore your options or seek tailored advice, please don\u2019t hesitate to contact our office on 02 4325 0884 to arrange an appointment.<\/p>\n\n\n\n

Morgans Financial Limited | 1\/6 Burns Cres, Gosford | morgans.com.au\/gosford<\/a><\/p>\n\n\n\n

Sophie Doyle (AR#000470612) is a Retirement and Aged Care Specialist at Morgans Financial Limited (Morgans AFSL 235410 \/ ABN49 010 669 726); with a passion for assisting people make informed financial decisions, as they navigate their way through retirement and aged care.
Disclaimer: While every care has been taken, Morgans Financial Limited makes no representations as to the accuracy or completeness of the contents. The information is of a general nature only and has been prepared without consideration of your individual objectives, financial situation or needs. Before making any decisions, you should consider the appropriateness for your personal investment objectives, financial situation or individual needs. We recommend you see a financial adviser, registered tax agent or legal adviser before making any decisions based on this information. Current as at 24 April 2024.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"by sophie doyle, retirement and financial aged care specialist Sophie Doyle | Erina | Morgans Navigating the transition into residential aged care can be a daunting process, often fraught with…","protected":false},"author":1,"featured_media":8159,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_lmt_disableupdate":"","_lmt_disable":"","episode_type":"audio","audio_file":"","cover_image":"","cover_image_id":"","duration":"","filesize":"","date_recorded":"","explicit":"","block":"","filesize_raw":"","footnotes":""},"categories":[39],"tags":[75,81],"series":[],"class_list":["post-8158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lifestyle","tag-article","tag-sophie-doyle"],"episode_featured_image":"https:\/\/onthecoastpublications.com.au\/onthecoastover55\/wp-content\/uploads\/sites\/3\/2024\/10\/insurance-senior-couple-having-appointment-with-health-insurance-agent-signing-contract.jpg","episode_player_image":"https:\/\/onthecoastpublications.com.au\/onthecoastover55\/wp-content\/plugins\/seriously-simple-podcasting\/assets\/images\/no-album-art.png","download_link":"","player_link":"","audio_player":false,"episode_data":{"playerMode":"dark","subscribeUrls":{"apple_podcasts":{"key":"apple_podcasts","url":"","label":"Apple Podcasts","class":"apple_podcasts","icon":"apple-podcasts.png"},"stitcher":{"key":"stitcher","url":"","label":"Stitcher","class":"stitcher","icon":"stitcher.png"},"google_podcasts":{"key":"google_podcasts","url":"","label":"Google Podcasts","class":"google_podcasts","icon":"google-podcasts.png"},"spotify":{"key":"spotify","url":"","label":"Spotify","class":"spotify","icon":"spotify.png"}},"rssFeedUrl":"https:\/\/onthecoastpublications.com.au\/onthecoastover55\/feed\/podcast\/coffee-with-a-coastie","embedCode":"

Avoiding Common Pitfalls in the Residential Aged Care Transition<\/a><\/blockquote>