As we age, health and mobility can deteriorate and the ability to be self-reliant decreases. You are at a stage in your life where you may need in-home care or may even be considering moving into a residential aged care service, where you will receive a more suitable level of care.
Making the transition into aged care can be stressful and the decisions about your care can be difficult. By careful planning by a knowledgeable adviser can help to alleviate some of your concerns.
There are a number of issues to consider depending on the level of care needed, the length of stay required and a person’s current level of assets and income. If either you or a loved one is facing the possibility of moving into aged care, the best place to start is by making sure you understand all of the options available to you.
Plan ahead of time
The process can be made smoother by preparing and planning early. This allows better outcomes to be achieved by not only you, but your family too.
Family members, such as your spouse or children, are often directly or indirectly impacted by the decision to move into residential aged care. This is why it is often a good idea to include family members in the planning process. Allowing everyone to prepare for the potential financial impacts ahead of time can reduce the emotional stress associated with such a transition.
What are some of the things you need to consider?
While everyone’s situation will be different, some of the common aspects you might need to consider include:
• Cost of aged care
• The family home
• Managing cash flow
• Estate planning
So, what do you need to know to ensure you are making the right decisions?
- Are you still eligible to receive a pension?
- Do you have to sell your home?
- How will you afford the costs associated with out-of-home care and what assistance will you receive?
- What changes can be made to improve your financial situation?
- How much will be left to your estate?
- Who will look after your affairs in the future?
Talk to us today
We have experienced financial advisers who understand the complexities of residential aged care, and who will work with you to help you achieve the best outcome.
With the right advice, you can be sure you will achieve the best possible outcome in relation to fees paid and age pension entitlements received.
General Advice Warning
This blog contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.
If you decide to purchase or vary a financial product, your financial adviser, Charter Financial Planning Ltd and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/or a percentage of either the premium you pay or the value of your investment. Please contact us if you want more information.