Financial Planning for entry into Aged Care

Glen Penno, Hillross Financial Planners



What do we hope to achieve today?

Today’s presentation is not designed to teach you what a RAD or a DAP is, we reckon you have probably had that drummed into you already over the last 18 months.

We will be covering RADs and DAPs, but the context is to show you how we explain these & other financial planning concepts to prospective residents’ families in such a way that many of their fears & concerns can be allayed during the course of a single meeting with us.

Feedback from facilities where we have worked with prospective residents’ families has been overwhelmingly positive – fee resistance is removed making the admission process considerably easier.

Getting your beds occupied:

How Financial Planning concepts can help

  • Helping families get over their initial fears of lump sums quoted on
  • Tips to help you explain RADs & DAPs vs RACs & DACs to prospective residents
  • RACs & DACs vs Maximum Accommodation Supplement
  • Understanding the Centrelink letters
  • The nuts & bolts of the Means Tested Amount (MTA)
  • Relationship between MTA & Means Tested Fee (MTF)
  • Relationship between MTA & RADs vs RACs
  • The former home – you might be surprised who qualifies as a “Protected Person”
  • Case Studies- examples of real outcomes we have achieved for Tasmanian families & facilities since 1 July 2014

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