Aged Care
Aged Care Financial Planning
Managing your money during retirement is just as important as money management beforehand. This can eventually include a transition to an aged care home.
Early planning can take away a lot of the stress and uncertainty that can arise when considering aged care at home or a residential aged care facility.
When clients enter residential aged care it is generally an emotional and stressful time for everyone involved. We assist clients and their families to understand complex rules and carefully consider your options.
Planning Ahead
There are a number of reasons why you should plan ahead and well before the need for aged care is imminent. For example:
- The need to move into residential care can be sudden due to a serious illness or injury. This could be a stroke, heart attack, fall, or another unexpected event.
- It is not uncommon to find there are significant waitlists for residential care, particularly at the more popular facilities.
- Regardless of whether home or residential aged care is required, don’t wait until the last minute to speak to a financial adviser. It may be too late to minimise the payable and/or maximise the social security benefits you may receive.
We can help to identify and analyse appropriate aged care strategies to meet both the aged care resident’s and their family’s objectives which can make a big difference to your ability to gain entry to an appropriate facility and structure your finances to meet your ongoing expenses.
With an aging population the need for age care residences will grow substantially over the next 10 years, and more people will need to consider this as an option in their retirement, particularly when you may find that you need more help with day-to-day tasks or health care. Sometimes, the best way to receive help and support can be by living in an aged care home either on a permanent basis or for a short stay (called ‘residential respite’).
We are happy to discuss aged care financial options available. This includes fee calculations and assistance with Centrelink and the age care facility, should it be required.