Finance | Primetime

Capitalise on new technology skills learned to save thousands

A peak body for older Australians, COTA ,has confirmed through its survey what the media have been broadly stating for some time now, and that is, over 20% older Australians are now using new technology for the first time and around 30% have increased their social media to stay connected.

http://www.cotawa.org.au/2020/05/silver-lining-to-the-pandemic/

What this offers is a huge opportunity for those who are more comfortable using the internet because it opens the door to the mammoth value being offered through the low cost of goods and services of online suppliers. It also frees up peoples time through being able to conduct mundane tasks quickly from the home computer, tablet or smart phone.

In the case of services, many internet businesses offer very low or free introductory services and only demand fees for value added premium services. One of the most obvious examples of this is Spotify. We use the free service to access over 30 million songs and are happy to put up with the occasional advertisement and restricted skip function. Happy days.

The Primetime online planning system is another example, (although not yet as widely known as Spotify) of a safe and secure online service offered with a service available at no cost. This takes the form of the comprehensive Evaluation, reporting and some of the planning tools on offer. Paid upgrades are available with additional services but this is still very cost effective if self managed online.

The double edged sword of technology use is the increase of threat by scammers who prey on internet users who are too trusting in sharing information with others. These faceless, insidious people have to be given a wide berth.

Once people are comfortable with technology and managing the risk, those who embrace their newly learned technology skills will enjoy a new lease of life in the vast offerings out there in cyberspace.

Primetime videos

If you want to understand what is in the Primetime system and how to use it, send a request for a link to the Primetime Youtube Channel where you can view each of the separate videos. There are 30 videos all covering how to use the system, each of the different aspects and tools.

For subscribers these are also contained within the support section of your account.

Beware of the lack of cost transparency over home care packages

The complexity around how service providers charge for government funded home care packages can mean those with home care needs may be out of pocket to the tune of thousands of dollars a year.

In order to get the best value for their allocated government funding it is necessary to shop around and compare apples with apples. But this isn’t as simple as it seems.

See the attached published article written by The Australians Paul Garvey based on the research work done by Primetime. Primetime Home care cost analysis The Australian June 18 2019

For a confidential copy of the analysis please contact Primetime directly.

Latest product launched-planning support for families with older parent (s)

Dealing with the sensitive matters of getting more involved with helping parent (s) plan when they are ageing.

Due to overwhelming requests from families who want to help, but are struggling to manage their ageing parents, I am pleased to have built and now launched the Elderplan support package which is now available on subscription. Simply contact us directly.

The package is specifically for families or advisers to be able to effectively support older family members and help them maintain the highest possible quality of life, for the longest possible time.

This planning helps deal with some of the bigger issues faced by the elderly, such as exposure to elder abuse, residential aged care, and loss associated with the incapacity or passing of a loved partner.

The package adopts the holistic “Primetime” approach covering the matters set out below. Planning includes the full suite of Primetime tools and functions such as the personal reports, live online action planner, electronic filing cabinet, tools, checklists and referral service.

The plan works on the key premises of Evaluation > Engagement > Empowerment

Evaluation by family-What are the current circumstances and feelings. Needs, family dynamics, communications, current status, knowledge, exposure and vulnerability.

Engagement- Working on the dialogue to get the ball rolling. The biggest issues can be reluctance from a parent to accept help. The process involves discussion and agreement, between parents and children, across siblings, and with others.

Empowerment-Taking action, determine who does what, coordinating, and covering all bases

Issue for retirees who have private companies and trusts

When approaching retirement it pays to look at the structure of your financial structure and work out whether it will continue to provide benefits after finishing working life or will it be a millstone.

There are issues for people who have private companies and trusts when they are applying for means testing. Means testing for private companies and trusts is complex and the assessments can and do go back 5 years. This means planning is required at least 5 years in advance.

The following real life case study shows how lack of planning can create problems down the track. This was nasty but avoidable.

Media release Private company and Trusts creating issues for retirees needing pensions and benefits V2

Start planning for free here

Here is a great example of how to learn and use new technology

A challenge for Primetime (and many other market place disruptors) is how to engage people in embracing new systems and technologies which involves learning something unfamiliar and doing things differently.

Even when there is a benefit, the fear of change can invoke paralysis.

Here is an example of how the progressive retirement village operator Belswan and Primetime have collaborated to make it work for Belswans’ residents.

Belswan are making the Primetime system available for their residents at no cost.
A number of tech savvy retirees volunteer to be come the superusers. These people typically enjoy new technology and have a real desire to embrace new and improved internet services.
Primetime train up the volunteer superusers so that they become knowledgeable and comfortable they can use the Primetime system and all its components.
The superusers then train up residents who want to use the system and support the residents.
Once the residents themselves become comfortable with the system and a critical mass of people are using the planning system, residents can effectively support each other and it becomes a commonly used planning tool.
Through the act of planning discussion naturally comes up about common planning topics and issues. The retirement village residents can then source assistance and guidance to address these matters. For example this might be through getting specialist advisors or using the network of support group .

Through effective planning as well as the obvious benefits of residents having peace of mind and making better planning decisions, there are the added benefits such as the residents and the operators developing stronger social bonds and support for each other.

Belswan hosted a community event in August where they asked Primetime to provide a detailed presentation on the Primetime planning system. When, during question time, the managing director Kevin Phillips announced to the group that they would provide the system at no cost to the residents, there was instantaneous rousing applause.

Here is the link to the event summary. https://belswan.com.au/news/belswan-hosts-primetime-presentation/