Many people enter aged care under emergency conditions as a result of an accident or sudden illness, leaving little time for thoughtful decision making. Forward planning allows you or your loved ones to transition to aged care with ease and dignity.
There are a number of key steps that we can guide you through to help you make informed decisions about aged care:
- Holding a family meeting
An open and frank discussion about aged care allows all family members to be involved in the decision making process, understanding the available options and voice their concerns. Your adviser can act as an independent mediator during these sensitive family discussions and a conduit to achieving agreement.
- Assessing your options
There are a number of options for aged care assistance, from independent living to residential aged care. It is important to understand what the right option is for you depending on the level of care you need.
- Finding the right service provider
Once you have decided on what level of care is required, you can then find and decide on the right aged care provider, or add your name to a waiting list if the need is not immediate.
- Understanding the costs
There are certain aged care fees that are fixed and others that are variable depending on your income and assets. The cost of aged care facilities can also vary significantly between providers depending the quality of the accommodation, what amenities they provide, and any additional services offered. Understanding the cost of residential aged care is complex. Here is a video that helps explain residential aged care fees in more detail.
- Developing strategies to optimise your position
Understanding your own financial situation will help you develop appropriate strategies to optimise your financial position, strategies including minimising fees, maximising entitlements, investing available assets and ensuring you are able to meet your ongoing cashflow requirements. Decisions about what to do with the family home may also need to be made.
- Estate planning
It is essential to ensure an estate plan is in place that echoes you or your loved one’s wishes and the family’s decisions.
- Execute plan
When the time comes to accept a place in an aged care service, you will be asked to sign an agreement. This agreement will outline the services provided and fees payable, as well as your rights and obligations. If you are moving into residential aged care, be sure to let all relevant contacts and organisations know your new address.
Having an experienced financial adviser assist you with making aged care planning decisions can save time, stress and money.