Financial advisors who centre their business and operation around managing nursing home costs can do well within this particular niche of the market.
Retirees and senior citizens are always in need of assistance in this domain, seeing prices and rates fluctuate as the public and private sector overlap in all manner of intricate ways.
This confusion is understandable and makes it all the more relevant to engage an experienced specialist who can help their client negotiate these tricky waters as best as humanly possible.
How do you know if your specialist is the best to handle the task? Time to examine the key criteria right here.
What Are Their Credentials?
Any financial advisor who operates in the realm of nursing home costs either has to be a specialist on the subject or has a portfolio that illustrates their credentials with the craft. This is a unique skillset that requires an ability to know the market and the overlapping themes and details of the public and private sectors. If this is a key service they offer, it should be part of their credentials and listed on their website and advertising material. Don’t settle for an average all rounder when there are superior solutions at hand.
Do They Detail The Essentials?
Nursing home costs can essentially be boiled down to a number of key ingredients. This will feature the basic daily fee, bond and means-tested fee for every participant. Then there will be an accommodation fee for those individuals who enjoy over $49,500 in income and assets as well as any extra services that are calculated for recipients that can afford a higher level of service. To be on top of these financial requirements, an advisor has to detail a plan that uses these elements as the base in which to work around. There will be additional measures that can be introduced and various models that can
Can They Handle Government Departments Well?
Tax implications and subsidies for the pension are two elements that all fall under the banner of the Australian Federal Government. This is where Centrelink and the Australian Tax Office (ATO) come into play, requiring an expert practitioner who understands the terrain and issuing the right type of applications and paperwork through the correct channels. No experience in this field can present problems, causing unwanted delays to the process.
Can They Find Creative Funding Solutions?
Nursing home costs do not have to be calculated via a one-size-fits-all operating model. Clients can arrive with their income and superannuation in a handful of accounts without including any other intricate details that complicate the process, but others can have various eggs in multiple baskets. From property and stocks to investment portfolios and shares that are placed across a diverse range of outlets, these specialists can offer creative solutions to ensure that their retirement money is still going to work and expanding the pool of revenue they have for their aged care needs.
Are They Well Reviewed and Rated On The Web?
One of the most effective methods of determining the quality of a financial advisor offering techniques to manage nursing home costs is courtesy of the internet. By searching their name and brand across Google and Facebook platforms alongside industry-specific apps and sites, users can get a gauge for what constituents success with their portfolio of past clients. Those customers who were compelled to leave positive feedback will be a good indication of their skills, yet it can cut both ways as negative ratings and feedback will be a signal that their expertise is not what is advertised.
If a financial advisor passes all of these benchmarks with flying colours, then they will be in the best position to offer counsel and guidance on managing nursing home costs. These practitioners should open their doors for an obligation-free consultation, so it is a perfect setting to quiz them on these topics and make a determination on their fitness.