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Aged Care – Check the fees you are paying

Most fees in residential aged care are regulated by government, but more and more care providers are charging for additional services – so check what you are paying for.

When moving into residential care three categories of fees apply:

  • Accommodation costs – to pay for your room and access to the amenities where you live.
  • Daily care fees (basic fee and means-tested fee) – a contribution towards your basic living expenses (eg food, electricity, care staff, cleaning services).
  • Additional services – extra things that may add to your lifestyle or convenience (eg Foxtel, newspapers, meal selection, happy hours, transport services).

More and more aged care providers are offering residents additional services for an extra daily fee. The range of services and the prices charged vary widely.

These fees are not published on the MyAgedCare website, so when deciding where you want to live, ask the provider for a schedule of available services and the prices for each one.

Check your resident agreement

When you are offered a place in residential care will be asked to sign a Resident Agreement. This should detail (amongst other things) the cost you have agreed for your room, the type of room and what additional service fees you have agreed to pay.

Read the details carefully to decide:

  • What services you are being provided and whether they are things you want.
  • The fee you need to pay for these services.
  • Whether you can opt-out and stop paying the fees if you no longer want to receive the services.

A recent court case

If the provider wants to charge you a fee for a service that you won’t receive the benefit of, this may not be allowed.

A recent court case found that aged care providers are not allowed to charge fees for asset replacement or the capital refurbishment of your room after you leave. These fees may apply in retirement villages, but not government-subsidised aged care services.

The judge ruled that these fees are not for the benefit of the paying resident but are for the benefit of the next resident. This means they are not allowed under the Aged Care Act.

Providers who have been charging these fees have stopped and may need to refund any fees previously paid for these purposes.

Next steps

Some simple rules may help you to understand your obligations and rights:

  • Always read your Resident Agreement carefully before signing.
  • If you are unsure about the fees specified, ask the service provider to explain the fees and help you understand what you are being asked to pay for.
  • Query fees for services you don’t think you need or want to see if they are optional and allowed under the Aged Care Act.
  • If you need advice, see your lawyer or ask us for help. We may be able to refer you to a lawyer who works with aged care contracts.
  • Complaints about fees can be referred to the Aged Care Complaints Commissioner.

Please contact Integrity One if we can assist you with any of your financial needs.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent
Croydon, Victoria 3136

Email: integrity@iplan.com.au

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This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. These articles are not owned by Integrity One Planning Services. Please consult your adviser before making decisions using this information.

Affordable ways to travel in 2018

Most of us are now back to work after our summer break. But that doesn’t mean we can’t already start planning for our next holiday. Travel doesn’t have to always involve breaking the bank, but it does mean concessions will have to be made.

Avoid the busiest travel times and places

This requires you to be flexible with the dates you can travel. Everyone wants to travel to Europe in June/July so try going in the off season. This can avoid potentially expensive flights that are common during the popular travel times.

You should also look deeper into the lesser known destinations, by doing this you can experience the different culture of your destination as well as reducing travel costs and avoiding the large crowds.

Spend less on accommodation

Yes booking a 5 star hotel will be nicer. However if you don’t plan on spending much time at the hotel is it really worth the expensive cost? Keeping costs low on accommodation may not be as luxurious, but you can save that money to be able to travel for longer and see more places.

Stay in Australia

The best trips don’t always involve going overseas. There are so many amazing places to visit all over Australia such as the Great Ocean Road, the Sydney Harbour and Uluru. You can also road trip to destinations in Australia and save money on flights.

Visit family and friends

If you have family or friends who live at a place that you want to travel, including visiting them as part of your trip. This can also mean free accommodation for the duration of your stay as well as a free tour guide.

Get cheap flight notifications

Sign up to receive notifications from different airlines when they have cheap flights. That way if you have a specific destination you wish to travel to you can be the first to know when flights are cheap to go there.

Use discounts, coupons and reward points

This can be for flights, accommodation, dining or sight-seeing. Search the internet and brochures for any discount you can take advantage of.

Be wary of cheap flights to expensive destinations

Airlines may offer cheap flights to London or Tokyo and although the cost of the flight may be a bargain, the costs of staying in these places are still expensive. If you have your heart set on visiting an expensive travel destination then still take advantage of the cheap flight. However, don’t get sucked into travelling somewhere just because of cheap flights.

Hopefully these tips help you save money for your next travel adventure.

Article Source: Maya Kachroo-Levine, Forbes.com

Please contact Integrity One if we can assist you with any of your financial needs.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent

Croydon, Victoria 3136

Email: integrityone@iplan.com.au

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This article is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Integrity One Planning Services Pty Ltd is a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 (which is the holder of AFSL 225051). Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. These articles are not owned by Integrity One Planning Services. We recommend that you seek personal advice from an advisor prior to implementing any of the information contained in this publication.

Easy way to save $1,500 in a year

Too often we all have plans to save great amounts of money and often struggle to stick to our savings plan. However this is a very simple and easy to stick to savings plan that does not involve large deposits.  A small deposit every day can save you almost $1,500 per year.

This money can be used on an end of year holiday, expensive household furniture or even pay for your Christmas shopping.

  • On Sunday you put aside $1
  • On Monday you put aside $2
  • On Tuesday you put aside $3
  • On Wednesday you put aside $4
  • On Thursday you put aside $5
  • On Friday you put aside $6
  • On Saturday you put aside $7

If you stick to this savings method you can save $28 a week and you end up saving $1,456 at the end of the year.

Another way to complete the challenge and save $28 a week is too simply to put aside $4 every day, the cost of a cup of coffee.

To save a little extra you can round up the savings from $28 to $30 a week. This can save you $1,560 in a year. Another option is to put aside $5 a day instead of $4 and you can save $1825 a year.

These are all easy saving strategies that only require a small amount to be put aside every day and don’t involve any large transactions. You can transfer these amounts into a savings account or put money in a jar, it’s completely up to you. Good luck!

Article Source: Becky Pemberton, news.com.au

Please contact Integrity One if we can assist you with any of your financial needs.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent

Croydon, Victoria 3136

Email: integrityone@iplan.com.au

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This article is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Integrity One Planning Services Pty Ltd is a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 (which is the holder of AFSL 225051). Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. These articles are not owned by Integrity One Planning Services. We recommend that you seek personal advice from an advisor prior to implementing any of the information contained in this publication.

When do taxi’s become cheaper then Uber

Many Australians have ditched taxis for Uber for a number of reasons. These include the convenience of being able to request a ride with the tap of a button, the convenient payment method, being able to follow how far away your driver is and also the high quality service because the driver must maintain a high rating.

Another big reason is the assumption that it is cheaper. However this is not always the case, especially during the busy holiday season.

During peak times when Ubers are in high demand Uber will apply surcharge pricing, which is a multiplier applied to the cost of the fare. As a result there becomes a point where Uber is no longer the cheaper option compared to taxis. Research by Finder.com.au has identified the price point that taxis become cheaper than Uber in Melbourne, Sydney, Hobart, Adelaide, Perth and Brisbane.

Melbourne

  • Taxis become cheaper in weekday daytime hours when the surcharge is 1.4 times the normal price
  • Weekend evenings taxis become cheaper when the surcharge is 1.8 times the normal price

Sydney

  • Taxis become cheaper in weekday daytime hours when the surcharge is 1.4 times the normal price
  • Weekend evenings taxis become cheaper when the surcharge is 1.7 times the normal price

Hobart

  • Taxis become cheaper in weekday daytime hours when the surcharge is 1.4 times the normal price
  • Weekend evenings taxis become cheaper when the surcharge is 1.6 times the normal price

Adelaide

  • Taxis become cheaper in weekday daytime hours when the surcharge is 1.5 times the normal price
  • Weekend evenings taxis become cheaper when the surcharge is 1.8 times the normal price

Perth

  • Taxis become cheaper in weekday daytime hours when the surcharge is 1.6 times the normal price
  • Weekend evenings taxis become cheaper when the surcharge is 1.6 times the normal price

Brisbane

  • Taxis become cheaper in weekday daytime hours when the surcharge is 1.8 times the normal price
  • Weekend evenings taxis become cheaper when the surcharge is 1.9 times the normal price

Surge prices for taxis and Uber are tough to understand “with Uber fares changing based on how busy the streets are, taxi fares changing based on time of day and with different fares for both of these in every city, it can be confusing to know which is cheaper.” He also said “generally, it is cheaper to get a taxi in Australia, after the surge ratio hits 1.6.”

Melbourne traffic

Mr Cooke recommends The GoCatch app because it allows consumers to book an economy rideshare car as well as a traditional taxi. “If economy cars are not available when you book, the app will often upgrade you for free to a taxi.”

Article sources:

Tim McIntyre, news.com.au
Finder.com.au
Jason He, Quora

Please contact Integrity One if we can assist you with any of your financial needs.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent

Croydon, Victoria 3136

Email: integrityone@iplan.com.au

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This article is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Integrity One Planning Services Pty Ltd is a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 (which is the holder of AFSL 225051). Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. These articles are not owned by Integrity One Planning Services. We recommend that you seek personal advice from an advisor prior to implementing any of the information contained in this publication.

Tips to boost your super during the summer spending season

The festive season is the busiest time of year for spending because of Christmas shopping, holidays and back to school expenses. However there are ways to offset the Christmas spend and increase your future savings suggested by REI Super.

Don’t waste any windfalls

Often when we receive a nice tax return, inheritance or bonus we tend to spend it on a treat for ourselves such as a holiday or shopping spree, because we didn’t plan to receive this money anyway.

REI Super chief executive Mal Smith said that allocating a percentage of the money to superannuation can leverage into a significant long term sum. For example a 25 year old can accumulate $175,000 by simply placing an extra $50 a month into super.

Salary sacrifice and take advantage of tax benefits

Salary sacrificing a portion of before tax income will allow us to accumulate more in their super, but also save by reducing their taxable income. When doing this Mr Smith said it is important to consider the contributions made by your employer to ensure you stay within the concessional tax limits.

Less than 5% of Australians under 45 contribute extra to their super according to data from the Association of Superannuation Funds of Australia (AFSA).

Keep one super fund

You may be automatically allocated a new super fund when you start a new job. This can result in you losing some of your existing benefits and you also may have to pay fees on multiple super accounts. Compare your new employers chosen fund with your existing fund and decide which one is best for you.

Make sure your employer is meeting their obligations

ASFA estimates that around $2.75 billion of compulsory super is not being paid by Australian employers. Mr Smith said it is important that you make sure that 9.5% of your before tax salary is going in every pay day. He also said that if they aren’t meeting their obligations you should talk to your employer to resolve the issue than contact the Australian Taxation Office (ATO).

Co-contribute

Fund members earning less than $50,454 per annum may be eligible for the Federal Government’s co-contribution scheme. If so, making personal after-tax contributions to your super fund will attract up to $500 extra a year deposited by the Government.

Keep contributing

Super contributions can continue when your older than 65, as long as you meet the work test. This means that if you are aged 65-75 you can make voluntary contributions if you’re at least gainfully employed on a part time basis. You must work for at least 40 hours in a period of no longer than 30 consecutive days.

Article sources:

Tim McIntyre, news.com.au
superguide.com.au

Please contact Integrity One if we can assist you with any of your financial needs.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent

Croydon, Victoria 3136

Email: integrityone@iplan.com.au

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This article is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Integrity One Planning Services Pty Ltd is a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 (which is the holder of AFSL 225051). Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. These articles are not owned by Integrity One Planning Services. We recommend that you seek personal advice from an advisor prior to implementing any of the information contained in this publication.

Realistic financial new year’s resolutions

Every year we all set New Year’s resolutions, whether it be to improve your health or financial situation. Too often we find ourselves not following through with these resolutions. Common reasons for this would be because the resolution is either not realistically achievable or not specific enough. For example a resolution to save money isn’t specific enough, how are you going to achieve this? In this article we provide New Year’s resolutions to improve your financial situation that you can stick to.

Buy less coffee

The amount you aim to reduce depends on how much you currently buy. If you buy one coffee a day then try to reduce it to once per week as a reward. Even better try to avoid coffees completely and make them at home or at work if possible. If coffees cost $3 a day you can save up to $21 a week and over $1,000 a year.

Spend less on transport

If your destination is close enough then walk or ride a bike.

If you spend a lot on Ubers or taxi’s then try to cut the trip short or travel with others to share the cost of the fare.

If you have to drive to your destination such as work then car pool when possible to reduce money spent on petrol. You can also save on parking fees if they apply.

Increase your savings

This depends on how much of your pay you put into your savings. If you currently put away $100 every pay day then try increasing it to $150.

Don’t shop when you are bored

Too often we will online shop when we have a bit of time to kill or when we are simply bored. This leads to us purchasing things that we may not necessarily need or us buying something simply because it is on sale.

Read a book or download an app to play when you are bored to resist the temptation to online shop.

Reduce the amount of drinks you buy out

If you currently spend $200 on drinks when you go out, aim to cut down to $150. You can take cash out for drinks before you go out and only pay with cash and not spend anymore when you run out

Another option would be to go out less and have drinks with friends at home more often to avoid the excessive mark up on drinks at bars. This may also help reduce transport costs.

Try a take-away free month

This is simple but can save you a lot of money, especially if you do it more than once. If you still want to avoid cooking dinner then cook meals in advance or make enough to eat on the nights you don’t plan on cooking.

Stop buying water

Only use a reusable water bottle, bottled water may be cheap but it adds up. Bring water to the gym or work.

These are all simple and achievable, you don’t need to attempt every resolution on the list. Just pick one or two that you feel would save you the most money and that are the achievable for you.

Article source: Maya Kachroo-Levine, Forbes

Please contact Integrity One if we can assist you with any of your financial needs.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent

Croydon, Victoria 3136

Email: integrityone@iplan.com.au

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This article is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Integrity One Planning Services Pty Ltd is a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 (which is the holder of AFSL 225051). Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. These articles are not owned by Integrity One Planning Services. We recommend that you seek personal advice from an advisor prior to implementing any of the information contained in this publication.

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