Planning to bridge the aged care gapBY CHRISTOPHER PAGE | THURSDAY, 4 AUG 2011 12:55PM Australia's ageing population is about to explode. Currently the ratio of working Australians to those retired is 5 to 1 and by 2050 it will be 2 to 1. The proportion of the population ... Upgrade your subscription to access this article
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One of the key challenges to advising people entering into Aged care is a lack of knowledge in the community of how the system works. We need to educate clients about the current system so they are mentally and financially prepared when the time comes. We also need to consider a financial product that will allow an investor to provide now for their aged care without impacting on their Centrelink/DVA entitlements (similar to a deferred annuity). Forewarned is for forearmed.
Hi Geoff, Thanks for your comment. Do you know of any product or service at the moment that does address this aged care/centrelink entitlements dilemma? it's a fair point.
Excellent comment. I think the government should be proactive in creating such a product with an exemption for Centrelink rules to encourage people to tuck some away for aged care. Although this would need to be tied to reforms as to how aged care is funded... People will not take this up if they end up having to pay more than the person who didnt save.