Aged Care

Hanrahans Aged Care Service offering

Hanrahans commenced offering aged care services in mid-2014.

We are regularly being asked to provide this type of service by our clients and see an opportunity in the sector to use a combination of our accounting, financial planning and aged care expertize when providing this service.

Summary of Aged Care Fees

As explained in the above diagram, aged care fees are quiet complex and if assessed and/or applied for incorrectly can be very costly to the applicant.

With our combination of accounting and financial planning skills we are able to thoroughly understand this sector and offer aged care services to clients in an efficient and cost effective manner.

Eleanor and Michael have both completed in-depth training with Aged Care Steps, an accredited educator in this sector. Eleanor is a Certified Aged Care Specialist and Michael will also be accredited when he finalises his studies in August 2015.

We assist families in the following way;

  • Explain how the aged care sector works.
  • Review the applicant’s current assets and income to determine what level of fees are affordable.
  • Provide advice on alternatives to fund aged care fees.
  • Calculate what the aged care fees should be for the applicant.
  • Provide projections on the effect aged care fees has on cash flow and asset growth.
  • Provide choices a family needs to consider when choosing an Aged Care Facility and structuring their fee payment options.
  • Complete the Centrelink Residential Care Assessment Form.

Our experience in this sector indicates that every case is different and varies in the time requirement needed to complete the above tasks. The complexities vary significantly due to asset and income levels along with the applicant’s specific requirements and their family’s needs and wants.

Due to the specific nature of the work we charge on an hourly basis, as the time required on each case can vary significantly.

Our service delivery typically works in the following manner:-

  • First meeting with the family.

Generally before this meeting we have either a brief phone call or email correspondence with the family outlining our fee structure and the relevant documents they should bring to the meeting.

During the meeting we provide a summary of the aged care industry, the fees facilities charge and the government requirements for entering aged care facilities.

In addition, we also gain a thorough understanding of the applicant’s asset and income position and outline the various options available to them.

  • Engagement to prepare a strategy paper:

The next step in our process is to prepare a personalised strategy paper based on the applicant’s financial position.

Our paper is a 15-20 page document. It calculates the aged care fees the applicant will be charged, provides cash flow analysis and discusses the impact of various financial decisions on cash flow.

In addition it provides a 5 year projection on cash flow and asset growth and summarizes key decisions and factors the family needs to take into consideration when deciding the best way to structure and fund their aged care fees.

Please contact Eleanor Hanrahan via 02 9560 2688 or eleanor@hanrahans.com.au to enquire about our Aged Care Services.