Topic: Engage the client and reduce the financial stress
Day: Tuesday 13 October
Time: 3:30pm-4:00pm AEDT
The funding challenge for residential care starts with engaging consumers and families so they understand fee obligations and manage cashflows effectively. Misunderstandings and mistakes made in the early assessment phase can cost both consumers and aged care providers.The funding challenge for residential care starts with engaging consumers and families so they understand fee obligations and manage cashflows effectively. Misunderstandings and mistakes made in the early assessment phase can cost both consumers and aged care providers.Many clients falsely believe cheapest outcome is best. But in this session the focus will be on how to help clients access advice to understand what they are paying for and how they can free up cashflow to pay for the things they need to access quality care and lifestyle. If a better understanding is gained of the client perspective, provider policies can be adapted to match these outcomes.This session focusses on the value of financial advice when a client moves into residential aged care. It includes discussion on:• What steps providers can take to ensure clients are better prepared to meet their fee obligations. This includes referring clients to financial advice and how to select which financial planners to work with. • Tips for how to save time with the admission process through ideas for conveying complex fee options to consumers in simple and relatable terms. This includes the use of some visual tools and everyday language.• Understanding of the financial strategies that clients may be focussed on – what law requires and why flexibility may need to be offered.• Understanding why clients choose a RAD or a DAP.• Two things low-means clients should never do and why they may want to avoid low-means altogether. Low-means is complex and in current low-interest rate environment they can end up with a bad deal, or take actions that unnecessarily increase their costs.• Why working with a financial planner may help a provider’s bottom line, particularly with minimising Centrelink/Services Australia errors and ongoing cashflow management. • How to choose which financial planners to work with.
Louise is a co-founder and Director of Aged Care Steps is one of the pre-eminent experts in aged care advice. She is the author of the book Don’t Panic: age the way you want where you want, which has distributed almost 10,000 copies across Australia in the last year. Louise is a legislation analysis specialist with the financial services sector but has specialised in aged care matters over the last 25 years. With over 2,000 financial planners having attended the ACS Accredited Aged Care Professional program, Aged Care Steps is the leading business supporting advice professionals with aged care advice. Louise is often quoted in media, is a regular speaker at conferences. She has a number of financial planning professional designations and is a current member of the Aged Care Financing Authority.