How this financial adviser saved their client $100,000 on their residential aged care costs

Making the decision to place an ageing parent into residential care because they can no longer live independently at home is not an easy one – and is often complicated by the finances involved. It’s a good idea to consider obtaining financial advice – here, we share a case study where the family saved thousands of dollars, but only after seeking professional help.

Shaun Ganguly, of Aged Care Financial Planning and Retirement Village Financial Advice, provides advice to people about to enter or who are in aged care, or retirement living, about to enter residential aged care.

Here he reveals how he helped an 87-year-old woman living with dementia in residential care, whose funds were running out.

She had a meagre UK pension and was unaware of what entitlements she could claim in Australia.

“As her mother-in-law’s savings depleted due to high aged care costs, her daughter-in-law was desperate for a solution.

“The correct paperwork was submitted and we secured a full Australian aged pension of over $27,000 for the 87-year-old woman and a $70,000 refund from overpaid aged care fees, a process which we initiated immediately but took over six months of regular chasing up from our team.

“I also initiated hardship claims to ensure future care costs are covered, while protecting her finances.

“Services provided led to a benefit of over $100,000 for the resident, much to the relief of the daughter-in-law.”

The lesson? Seeking financial advice from a qualified professional can ensure that you or your loved one are paying the correct costs.

“Entering into aged care is an emotional and stressful time for everyone, long Centrelink forms aren’t appealing, but it’s considerably easier with someone guiding you through it who knows the ins and outs,” Shaun said.

[email protected] – 1300 000 243