Planning for Aged Care is more than moving into an Aged Care Facility
Our chances of living longer are increasing as life expectancy continue to increase. At age 65 a person’s chance of needing aged care during their remaining lifetime is 68% for females and 48% for males. Old age can be associated with declining cognitive abilities, resulting in problems when managing personal finances.
However, it is at this time in life many financial decisions are required to ensure adequate income is available to fund, not only retirement years, but changing care needs.
Financial planning for aged care does not simply involve structuring finances to fund a move into an Aged Care Facility. Planning for aged care includes educating clients about what choices are available as their care needs change during their retirement years. Early planning and good advice can take the stress out of aged care decisions and improve lifestyle quality by providing guidance and peace of mind by:
- Helping to create a clear plan for aged care
- Facilitate family discussions to minimise family disputes
- Understand all available choices for aged care living, the decision/actions needed to secure appropriate levels of care and the costs involved eg, Independent Living, Retirement Villages, Assisted Living, Commonwealth Home Support Programs, Home Care Packages, Residential Aged Care Living.
- Review of financial situation to help evaluate affordability of available options
- Develop strategies to optimize financial position
- Review estate plans to avoid unintended consequences
Most people prefer to stay in their home for as long as their health and physical ability allows. Many people choose to downsize to a home that requires less upkeep and gardening as they get older. If you are lucky enough to have good friends and family living nearby they may be able to help where needed to enable you to stay in your home. Additional help is also available through more formal channels. The Government encourages and supports a range of community supports and services run by private and charitable organization to help older people to live well and remain independent in their homes.
As you can see there are many different choices available when planning for aged care. The Government acknowledges the growing demand for aged care services and has/is introducing many changes – including a greater focus on user pays. This has resulted in an ever changing system which causes confusion for the end user, normally an elderly person that may be suffering from declining cognitive abilities, trying to access services. In addition, the costs associated with aged care are complex and difficult at the best of times.
Navigating available options, the costs and deciding upon the best way to structure finances to pay for care needs can be challenging. Getting the right information and advice can help elderly patients make the best choices for their future care, security and happiness. If you have aging patients whom may benefit from our services please encourage them to contact us. This will enable them to make informed decisions and understand the actions needed to plan for their future needs.
With an ageing population we are focusing on simplifying the aged care process for our clients to ensure a stress free journey. We have staff trained in Aged Care if you have any questions please feel free to call us here at Poole Group 5437 9900.
Having been in the tech industry for over 14 years, Angie has seen all forms of technology evolve exponentially. Angie is part of Poole Group's Automation Projects team, developing their internal system to automate workflow and helping small businesses to implement Xero Apps.