Preparation for aged care needs

 

To avoid confusion and rushed decisions, it is important to plan in advance for the time you or a loved one requires aged care. This allows for thorough consideration of all available options and permits peace of mind that the most suitable and comfortable arrangements have been made.

Plan ahead of time:

In many cases, it is due to unforeseen circumstances that aged care is required within a small time frame; illness and injury combined with old age can mean the difference between requiring the downsize of property and residence in an aged care facility. Allowing yourself time to explore your options, and fully discuss your needs with a financial adviser to ensure a plan is in place for all outcomes, will minimize your fees and maximize receivable benefits.

Visit your local aged care options:

It is always beneficial to visit potential aged care facilities to give you and your family an idea of what style of care suits you best. The more informed you become about your prospective options, the easier it will be for yourself or your family to make the decisions come crunch time. You can then identify your preferred option, resolve if this is an affordable option for you and if not, have time to strategize a plan with your adviser to work towards your preferred choice. Remember that some facilities may not be able to provide your required level of care.

Understanding costs:

The costs involved in aged care can be perplexing for many. There are several questions a financial adviser can answer specifically tailored to your situation; are you entitled to any subsidies? What up-front fees will you be faced with? What strategies can you utilize to reduce aged care fees? Your adviser will knowledgably guide you through these preparations ensuring you save money where possible.

Address estate planning affairs:

Decisions must be made of whether you will sell, retain or rent any property/s you may own. Your financial adviser can provide you with helpful advice as to which option will benefit this next stage of your life. You must also ensure your Will is up-to-date, and you have reviewed your enduring power of attorney.

Aged care assessment:

ACAT (Aged Care Assessment Team) provide free assessments to determine if you are eligible to receive Government-subsidised aged care services. These assessments are necessary for anyone intending to receive home care, transition care, respite care or move into an aged care facility.

  • 28/03/2017