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Austock Life warns on aged care costs

The federal government's 'Living Longer Living Better' reforms may have implications for the provision of specialist aged care financial advice, according to Austock Life.

“Carers and financial advisers contemplating moving loved ones or clients into aged care must act quickly now to avoid harsher income treatment and reduce the impact of new fees,” said a statement issued by Austock Life yesterday.

“Grandfathering provisions means those going into aged-care accommodation have until 30 June to do so under the old rules.”

Austock Life’s Richard Atkinson said “it’s important that anyone contemplating entering aged age any time soon fully understands what impact new rules will have on the both the cost of care and their age pension, plus any other financial implications”.