Aged Care Planning – What You Need To Know
Considering a move to an aged care facility can be very difficult for all the family. It is often an emotionally-charged decision, with the added stress of working through the financial complexities.
For many, the prospect of entering aged care is something that is rarely discussed, let alone planned for. Yet like most modern countries, Australia has an ageing population, and the provision of quality care is in high demand.
While the government offers aged care assistance packages, decisions ultimately need to be made by the families concerned – and this often means the adult children.
DMG Financial Planning has completed thorough research into Aged Care and the challenges faced by adult children in making the right decision.
Key findings from the research include the following challenges:
- Coming to grips with the complexity of the system.
- Understanding and meeting aged care costs.
- Achieving the most appropriate financial structure for assets.
- Making decisions regarding the family home or other property.
- Making informed financial decisions under pressure.
- Working through estate planning issues.
Want to start aged care planning?
There are a number of options to consider when planning the transition to aged care, including:
- Staying at home: this option is often combined with local services to provide extra support.
- Retirement homes and villages: this is now a common option, with villages offering in-house services and a sense of community.
- Residential nursing homes: these are facilities that include a greater level of nursing care.
The right one to choose depends on individual circumstances, including what is available where you live.
What is the cost of aged care?
The costs associated with aged care can be difficult to navigate. The final cost will depend on a number of factors including:
- Income and assets.
- Current status as a pensioner.
- The level of care required.
- The fixed and variable costs required by the aged care service.
How can DMG Financial help you make the right aged care decision?
At DMG, we have financial advisors who specialise in the aged care sector. They understand the rules and regulations and can de-mystify the complexities in your particular situation.
Julie Irving has a strong record of helping many clients from Gippsland and beyond successfully transition to aged care.