Advisers’ role crucial in optimising Australia’s aged care system

Financial advisers have a crucial supporting role in optimising aged care plans for older Australians, according to Aged Care Steps. 

Reacting to the final report from the government’s Aged Care Taskforce, the company said aged care and financial advisers should brace for changes.  

“The taskforce recommendations could result in significant changes to the decisions for funding aged care services, creating increase confusion and concern for clients trying to navigate the impact on their personal circumstances,” Aged Care Steps director Louise Biti said.  

“A number of the recommendations encourage Australians and their families to plan ahead for aged care and consider their aged care needs earlier in retirement. Financial advisers have the opportunity to educate clients and encourage pre-planning for aged care as part of ongoing retirement advice.”