Searching for aged care financial advice is a key step in ensuring your or your loved ones receive the care they deserve without compromising financial stability. It’s natural to type “aged care financial advice near me” into Google and pick the first option that pops up, but is that the best choice? Not always.
Many families rush into decisions during emotionally charged times, often overlooking key considerations. To help you avoid common pitfalls, we’ve put together a list of the top 5 mistakes people make when looking for aged care financial advice and how to steer clear of them.
1. Relying Solely on Proximity Over Expertise
Just because an advisor is close by doesn’t mean they’re the best fit. Yes, convenience matters, but aged care is a complex field. You need someone with specialised knowledge in aged care policies and different options, Centrelink entitlements, and aged care fees.
Look for advisors with certifications in aged care financial planning and experience handling similar case. Take time to research on aged care advisors near you and carefully review their qualifications, experiences and client testimonials.
2. Ignoring the Importance of Personalised Advice
Aged care is more than just numbers, it’s about ensuring your loved one’s needs and preferences are met. Many advisors offer generic solutions, like quickly suggesting you sell your home and move your parent into a care facility. But what if your parent wants to age at home for as long as possible? What if selling the home isn’t financially viable or emotionally acceptable?
This is where personalised advice makes all the difference. Aged care is not just a financial decision—it’s an emotional one too. A reliable advisor will take the time to understand your unique situation, considering your family values, lifestyle preferences and long-term financial stability to create a plan that truly works for you.
Without tailored advice, you could:
- Miss out on government benefits that your loved one qualifies for
- Overpay in aged care fees due to poor structuring of assets
- Make irreversible financial decisions that don’t align with future care needs
With the right guidance, you can ensure your loved one receives the best care while safeguarding your family’s financial future.
3. Not Asking About Fee Structures Upfront
One of the biggest shocks families face when seeking aged care financial advice is the unexpected cost, not just for the advisor’s services but also for aged care itself. You may assume the fees are straightforward, only to realise later that hidden charges, ongoing costs, or commission-based recommendations have added up quickly.
At the same time, aged care fees themselves can be complex. Beyond the upfront Refundable Accommodation Deposit (RAD), there are daily care fees, means-tested fees, and extra service charges, all of which can significantly impact your affordability. It is also very important when considering the affordability of Aged Care to also remember the costs these fees don’t cover, such as medications, hairdressing, clothing etc. If your advisor isn’t transparent about both their fees and how aged care costs work, you could end up with unexpected expenses down the line.
Before committing, ask for a detailed fee breakdown, both for the advisor’s services and potential aged care costs. A trustworthy advisor will be upfront about their pricing and ensure you fully understand the financial implications of every decision.
4. Focusing Only on Immediate Needs
When the time comes to arrange aged care for you or a loved one, the first instinct is to solve the immediate problem—finding a place, covering upfront costs, and making sure they’re comfortable. And that’s completely understandable. But what about next year? Or five years down the line?
Aged care isn’t just about moving in; it’s about ensuring long-term affordability and security. Many families get caught off guard by rising care fees, changing health needs, or unexpected costs that weren’t planned for. Imagine settling into a facility, feeling relieved that everything is sorted and then realise a few years later that your care needs have increased, the fees have gone up, and you’re now struggling to cover the costs.
That’s why it’s so important to think beyond today. A good financial advisor should make sure you’re prepared not just for the first step, but for everything that comes after.
5. Waiting Too Long to Seek Advice
It’s easy to put off thinking about aged care—until suddenly, you don’t have a choice. One day, your loved one is managing fine at home, and the next, they’ve had a fall or a health scare. They’re in the hospital and the doctors say they can’t go back home safely. Now, you’re in a race against time to find aged care advice or facility, figure out finances, and navigate a complex system, all while dealing with the emotional weight of the situation.
This happens to so many families. In fact, a 2019 ASIC study found that only 18% of Australians seek aged care planning advice—meaning most people wait until it’s too late. But aged care isn’t something to figure out in a rush. The best time to start planning is before it’s needed, when there’s time to explore options, involve the whole family in discussions, and make informed decisions without the pressure of a crisis.
Connect with an Experienced Aged Care Advisor Today
At Yield, our specialised aged care advisors have helped countless individuals and families navigate their aged care journey with confidence. We take the time to listen to your story, understand your needs, and provide tailored advice that fits your situation.
If you’re looking for expert guidance, we’re here to help. Get in touch with Yield Advisors to explore how we can support you in making the best decisions for your aged care journey.
