TelstraSuper is now offering its members specialist advice on aged care funding.
In a new offering that launched in August, members of the fund can now receive advice on strategies to fund aged care for themselves or a family members.
It aims to give members and their families greater confidence in making decisions about aged care especially if the needs arise unexpectedly.
This includes assessing their needs, their financial situation, and how different strategies can affect how aged care is funded.
TelstraSuper’s offering includes advice on:
- Options for residential aged care funding
- The age pension and means-tested fees
- Estate planning impacts
- Considerations and impact of the family home
- How to generate sufficient cash flows to meet aged care needs
According to the Australian Institute of Health and Welfare, around 185,000 people aged 65 or over were using permanent or respite aged care services. Some 213,000 people aged 65 or over were using home care in June 2022 with women more likely to use aged care services than men.
Access to government-subsidised aged care services does not involve a minimum age of eligibility but is determined based on an assessed need that is based on a person’s circumstances and care needs.
Earlier this year, the government’s response to the Quality of Advice Review (QAR) suggested super funds have a greater role to play in providing financial advice on retirement income.
Minister for Financial Services, Stephen Jones, has stated a second stream of the QAR will “address the large and growing gap in the availability of retirement advice by expanding the provision of personal advice by superannuation funds to their members”.
“This will allow funds to consider broader circumstances, such as their member’s age pension entitlements and family situation, when they provide advice on retirement matters,” he said.
“Superannuation funds are well-suited to providing safe and quality advice to members as they are already expected to meet obligations to act within the best financial interest of their members. This will also help funds meet expectations under the new Retirement Income Covenant and elevate their standards of customer service to members.”
