What are the options for Aged Care?
It’s not easy making the decision to place a loved one into care. Once you’ve made the call, it can be confusing to understand how it all works. It can also be quite a challenging and confronting issue, both emotionally and financially, especially when the decisions you make can affect your financial position and how long the money will last.
Let’s start by looking at the options available.
- Staying at home (community care)
- Retirement villages
- Aged Care homes (residential care)
How much does Aged Care cost?
Aged Care costs depend on the type of care your parents need, but the government regulates the fees and charges of Aged Care facilities to help make it more affordable for all.
It’s important to get advice
It’s a good idea to talk to a financial adviser about your parents’ personal circumstances. They’ll bring the right knowledge, expertise and guidance to help you and your parents decide on the next steps.
Once you’ve talked through your needs with an adviser, they may then create a financial plan for you and your parents to consider and discuss. This may include a mix of financial strategies and a recommendation of appropriate products for you.
You and your parents can then make the right decision about Aged Care, knowing you’re making the most of government entitlements, structuring payments in the most tax-effective way and ensuring that they’ll still get a regular income.
Book a free consultation with Aspire and let us help you see your Aged Care needs more clearly.