Elderly care

• TruBlue Home Service Ally is proud to raise awareness for this crucial issue and help seniors age in place safely.
• CINCINNATI, Sept. 12, 2023 /PRNewswire-PRWeb/ -- TruBlue Home Service Ally, the franchise that provides handyman, home maintenance and senior modification services for busy adults and seniors, is proud to announce its fall prevention campaign, in collaboration with Close the Gap in Senior Care, a 501(c)(3) nonprofit organization.
• TruBlue Home Service Ally's Fall Prevention campaign is an initiative focused on safeguarding seniors and others at high risk for falls by addressing potential hazards within their living environments.
• As part of the 'Grab the Bar' initiative targeting fall prevention and senior bathroom safety, Close the Gap in Senior Care has allocated 100 free grab bar installations to TruBlue for September.

• Melville, New York--(Newsfile Corp. - August 16, 2023) - Senior Care Authority, the award-winning senior placement and eldercare consulting brand, is proud to announce their franchisee, Adam Flattau, was recognized as a 2023 Franchise Rock Star by franchise research firm Franchise Business Review.
• Flattau was nominated in the Giving Back category for his extensive involvement in the Alzheimer's Association and various other senior-related community organizations.
• "Adam serves as a beacon of compassion in the senior care industry, he shines as a testament to what it means to be truly dedicated," remarked Frank Samson, Founder and CEO of Senior Care Authority.
• "Senior Care Authority walks the walk and talks the talk with compassion, honesty, transparency, and accessibility.

• Moving yourself or a loved one to a nursing home can be emotional and difficult.
• While some have their nursing home accommodation costs fully covered by the government (based on a means test), most will have to pay their own way.
• Choosing how to pay can make this time even more challenging, particularly for those with low financial literacy.

3 ways to pay

• You can pay for a nursing home room in three ways.
• You can pay the entire room price as a one-off, refundable lump sum (a “refundable accommodation deposit”, sometimes shortened to RAD).
• People who don’t want to pay a lump sum can instead choose rent-style, “daily accommodation payments” (sometimes shortened to DAP).
• The table below shows three different ways someone could pay for a room priced at $400,000.

Why do some people choose a lump sum?

• One downside of a lump sum (or part lump sum) is that choosing this option means this money is not invested elsewhere.
• On the other hand, paying lump sum means you get to avoid the daily interest payments (the 7.9% in the table above).
• One advantage of choosing a lump sum is it’s considered an exempt asset for pension purposes; some people may get more pension if they pay the lump sum.

Why might some people prefer daily payments?

• Some may want to hold onto their house if they think property prices may increase in the future.
• Daily payments have recently overtaken lump sums as the most popular payment option, with 43% of people paying this way.
• If you do not anticipate a lengthy nursing home stay, daily payments may potentially be the easiest option.

What does the research say?

• My research with colleagues found many people choose the lump sum option simply because they can afford to.
• Those owning residential property are more likely to pay a lump sum, mostly because they can sell a house to get the money.
• Some aged care providers prefer lump sum payment since they use these to renovate or refurbish their facilities.

Is there anything else I should know?

• It is best to seek professional financial advice before you decide.
• Services Australia also runs a free Financial Information Service that can help you better understand your finances and the payment decision.
• You have 28 days to choose a payment method after admission, and six months to pay if you choose a lump-sum payment.

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