ARC Wealth Pty Ltd

30/01/2024

TUESDAY TOGETHERNESS - Navigating the Aged Care Financial Maze: Unveiling the Impact of Assets and Income

In the realm of aged care, where financial decisions carry profound weight, let's delve into a pivotal topic — the intricate interplay between an individual's assets and income and the consequential impact on aged care fees.

Assets and Income: The Cornerstones of Financial Dynamics
Picture this as the symphony of a financial orchestra. Assets, the conductors of wealth — from the family home to investments — and income, the subtle melodies of pensions and superannuation. Together, they choreograph the intricate dance determining aged care fees.

Asset Assessment: Deciphering the Complexity
In this financial narrative, the asset assessment stands as the protagonist. It discerns the exempt from the included, lending clarity to the complexity of valued possessions and their role in shaping the financial tapestry.

Income, the Silent Determinant
Pensions, annuities, and income streams, the understated architects in the background. The income test unveils their significance, wielding its influence in harmonising the melodies with the aged care fees.

Fees, the Calculated Crescendo
Enter the means test — the maestro orchestrating a calculated crescendo of assets and income. It's not merely a financial audit; it's a profound assessment ensuring equitable contributions to the costs of aged care.

Government Support: A Strategic Accord
In this financial saga, strategic orchestration of assets and income may unveil doors to government support — an accord that transforms financial burdens into manageable considerations.

Proactive Financial Wisdom: Crafting a Legacy
Knowledge becomes a torchbearer. By comprehending the intricate impact of assets and income on aged care fees, individuals craft not just financial plans but enduring legacies — ensuring a dignified and sustainable journey.

Beyond Numbers, It's a Personal Odyssey
Aged care transcends numerical abstractions; it's a deeply personal odyssey. Whether planning for oneself or a cherished elder, it's about finding the balance that ensures quality care without compromising financial stability.

Join the Discourse
In this shared journey, enriched by collective wisdom, let's open the floor to your insights. How have you navigated the nuanced landscape of aged care finances? Your reflections contribute to a reservoir of knowledge that elevates us all.

If you need assistance navigating aged care for your elderly parents either for now of for the future please feel free to reach out.

Dr Leanne Elich (PhD. C-IQ. GAICD) Frank Choy Suzy Yates Sam Kitchen Bridget Holland Nick Bendel

26/07/2022

22/08/2021

Great way to spend a Friday night in lockdown. Can’t wait to do it again

03/06/2021

University of Queensland researchers are working with a team of 50 social workers across south east Queensland to create a uniform, national approach to identifying abuse in elderly people who present to hospitals.

Latest national figures say up to 14 per cent of Australians over the age of 55 experience some form of physical, financial or emotional abuse at the hands of their carers or family members.

Project leader and veteran social worker Professor Jill Wilson OA said despite the growing need, there was no national framework for dealing with the various forms of abuse.

“Our research project will be focussed on understanding why someone commits elder abuse and how social workers can better intervene to break the cycle,” Professor Wilson said.

“Apart from the issues of human rights and protection, increasing abuse rates worry the government because abused older people often lose their asset base and so they cannot pay for care.

“Everybody in society should have an interest in protecting older people.

“The government, economies, families and older people all have an interest in not seeing assets being ‘wasted’.

“Abuse severely reduces the financial, emotional and physical capacity of older people, and the responsibility of meeting their care needs can get passed onto the state.”

Professor Wilson said social workers and nurses who worked in hospitals were on the frontline in responding to elder abuse.

To talk with us and discuss your aged care plans for friends or loved ones, book a consultation here:
https://go.oncehub.com/ARCWealth

02/06/2021

New requirements starting today for aged care providers will better protect older Australians.

Launched today, The Morrison Government has invested $67.2 million to implement the Serious Incident Response Scheme (SIRS) which offers greater security and peace-of-mind for Australians in residential care settings and their families.

Under the scheme, residential aged care providers are required to manage all incidents of abuse or neglect, with a focus on the safety, health, wellbeing and quality of life and reduce preventable incidents from reoccurring.

Minister for Senior Australians and Aged Care Services said it was another step forward as the Morrison Government drives generational change of the sector.

“The Australian Government has never been more committed to keeping older Australians safe and supporting the dedicated staff who assist them,” Minister Colbeck said.

To discuss your Aged Care plans for friends or families, book a consultation with us:
https://go.oncehub.com/ARCWealth

01/06/2021

Age may well be just a number, but it will inevitably catch up to us. Physically, and mentally, we just won’t be able to do the things we once could. But with a little bit of help, we could delay the move into the aged care system and be happier and healthier for it.

Internationally, ageing in place has emerged as an alternative to entering into institutional aged care early. The idea is to give older people the support they need to live safely, independently, and comfortably, in the place they want, for as long as possible.

To talk with us, book a consultation here:
https://go.oncehub.com/ARCWealth

31/05/2021

Doctors and nurses call on the Government to implement minimum staff time recommended by the Royal Commission urgently and expedite a five-star model of care, including 24-hour registered nurse (RN) staffing in aged care.

The Royal Commission’s Final Report recommends from July next year, the minimum qualified staff time in nursing homes should be 200 minutes per resident per day – about three hours and 20 minutes – with at least 40 minutes provided by an RN. This is a three-star model.

It also recommends the minimum staff time standard require at least one registered nurse on the morning and afternoon shifts from 1 July 2022 but has delayed the introduction of 24-hour RN staffing until July 2024.

The five-star model is 264 minutes of care or more - four hours and 24 minutes - with 63 or more minutes with a RN.

To know more about Aged Care, book a consultation here:
https://go.oncehub.com/ARCWealth

27/05/2021

The wave of older Australians will continue to grow over the coming decades. As such, we can no longer afford to ignore the issues around aged care with over 1 million retirees already accessing aged care services in Australia.

Planning ahead can help to demystify aged care and reduce stress levels. With awareness and pre-planning, you can maintain control and choice, have access to the financial resources to pay for care and minimise the stress on you and your family. This article discusses the steps you should consider when planning to move to residential aged care.

Step 1: Plan ahead
Step 2: Assessing options
Step 3: Searching for services
Step 4: Understanding the fee structure
Step 5: Structuring finances
Step 6: Estate Planning

Book a consultation with us to know more:
https://go.oncehub.com/ARCWealth

27/05/2021

Reference guide relevant to Aged Care Advice.

If you wanna know more, visit our website at https://arcwealth.com.au or book a consultation to talk with us and know your options regarding Aged Care.

Link's here: https://go.oncehub.com/ARCWealth

25/05/2021

Quick reference guide to key facts and figures – residential care (pre and post 2014) and home care.

Visit https://arcwealth.com.au to know more.
Book a consultation here: https://go.oncehub.com/ARCWealth

25/05/2021

𝐖𝐡𝐚𝐭 𝐰𝐚𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐁𝐮𝐝𝐠𝐞𝐭 𝐟𝐨𝐫 𝐀𝐠𝐞𝐝 𝐂𝐚𝐫𝐞?

The Government responded in this year’s Federal Budget with a five-year plan, covering all aspects of aged care across both home care and residential care. This included an additional $17.7 billion spend, bringing the total spent by Government on aged care over the next four years to $119 billion.

The good news for consumers is that no changes were made to increase how much you pay for aged care, at least not yet. This article provides a quick summary of the key proposals that were announced.

1. Simplifying Home Care
2. More Home Care Packages
3. More Care Workers
4. Increase Residential Care Funding
5. Personal Care Times
6. Star-Ratings
7. Governance and Regulations

While many of us still might not want to access care, when the need arises, hopefully the reforms create a system that meets our needs in a timely fashion and treats us with dignity and respect.
The Australian aged care system is complex now and is likely to remain complex.

This can make it difficult and confusing to navigate. But we are here to help. As Accredited Aged Care Professionals, we have the expertise to help you understand aged care and make informed decisions, with advice on appropriate financial restructuring.

Book a consultation here to discuss aged care for you or a family member: https://go.oncehub.com/ARCWealth
You may visit our website: https://arcwealth.com.au

21/05/2021

The Three Types of Care That Might Suit You

1.) Help at home

As you get older, living independently in your own home can become more difficult. If you’re finding it harder to do the things you used to, you can ask for some help.

2.) Short-term care

Maybe you need some help after a hospital stay, or support if your regular family carer is taking a holiday. Short-term care can help you cope with life’s interruptions.

3.) Aged care homes

You might be at a stage where you no longer feel able to live independently at home, even with carer support or home care services to help you. If that’s the case, it may be time to consider moving into an aged care home.

Book a consultation with us to discuss more:
https://go.oncehub.com/ARCWealth