We recently heard from a woman on our agedcare101.com.au forum whose mother had suffered a fall and needed a nursing home bed quickly. The hospital wanted her out.
The family found a bed – with a Refundable Accommodation Deposit (RAD) of $450,000 – nearby but by the time the daughter had sorted out her mother’s finances, the bed had been taken. This happens
Last Sunday, Annie and Jill had Martin Barry, Vice President and Chief Corporate Treasurer at La Trobe Financial, on their radio show.
He talked about how La Trobe Financial can give families a ‘letter of offer’ – within 48 hours of applying for their La Trobe aged care loan – which they can provide to a nursing home to prove they can pay for a bed.
Proof you can pay
This is a great idea. It’s non-binding – you are not committed to take out the loan.
RADS in some metropolitan areas of Sydney and Melbourne can range from $500,000 to $800,000 so the key is to be prepared. La Trobe’s loan requires you to already have a power of attorney in place, plus an estimate of the home’s value and the person’s income and expenses.
Check out La Trobe Financial here.
You can find a list of important documents that you should have on hand on agedcare101.com.au here.
You can hear to the podcast of our interview with Martin below.
