Why planning ahead for aged care is key
Planning ahead for aged care for you and your family
The number of Australians over the age of 70 is expected to reach nearly four million in the next two decades, which means that aged care will be an issue that will affect an increasing number of families. It’s important for everyone to understand how the aged care system works, not just older Australians, as anyone with ageing parents may need to navigate this complex system on short notice.
Many individuals will make plans for their retirement living, such as staying in their current home with support from loved ones or caregivers, moving into a retirement community, or requiring higher levels of care.
The current state of aged care in Australia
Aged care in Australia is a serious matter and planning ahead is key to ensuring our elders receive the best quality of care. Currently, many experiences with aged care tend to reveal inconsistencies with the standard of treatments and facilities nationwide. It’s also highly recommended for individuals planning on securing aged care for their later years to investigate what government-subsidised aged care options are available.
With each state having different guidelines, planning ahead can save families from some unwanted stress and financial loss down the track.
The importance of planning ahead for your own aged care needs
When it comes to planning ahead for aged care, the sooner you start planning, the better. No matter your age, planning today will make your life a lot easier down the road. Statistics show that Australians are living longer and with advances in medical technology, more people are likely needing access to aged care services in the future.
No one wants to wait until it’s too late, so planning ahead is key for ensuring your needs are taken care of as you age. Plus, planning ahead may even help you avoid financial stress associated with alternative elderly care options.
What you can do to plan for your aged care needs in Australia
Aged care planning is an important step of all ages to consider. You never know what life may throw your way, so planning ahead for aged care needs is a wise investment. Whether you plan to stay at home, explore in-home support or consider permanent residential aged care – planning ahead will ensure you are best prepared and understand what options are available to you.
Taking a proactive approach also brings more certainty and control over planning essential life decisions and gives you the peace of mind that comes with knowing your future needs are taken care of. So don’t wait till you need it – getting the facts early means putting your care into your own hands.
Support from the government
The government offers significant financial assistance for aged care, and eligibility for this support is determined by Aged Care Assessment Teams (ACAT). In addition to determining the level of care needed, ACATs can also help find a suitable aged care facility. Many people prefer to choose their own facility, and it is advisable to visit several options. Keep in mind that available places may be limited, so it may be necessary to apply to multiple establishments.
The Cost of Aged Care Services
Individuals are typically expected to contribute towards the costs to receive aged care services. The amount of this contribution is determined by factors such as income, assets, and pensioner status. Fees can include a mix of means-tested accommodation and care fees, a basic daily care fee, and fees for additional services. These fees are updated twice a year in line with pension adjustments. Those receiving care have the option of paying their accommodation fee as a refundable deposit or a regular payment similar to rent.
The benefits of planning ahead for your aged care needs
If you’re planning ahead for your aged care needs, you’d be wise to have a look at all the options that are available. The sooner you take control of planning, the more time and money will be saved down the line. It may sound like a hassle now, but put yourself in your future shoes – wouldn’t it be great to already have everything worked out and set up?
According to Australian law, you’ll need to arrange certain types of planning to guarantee that you’re accessing any rights or financial assistance that you’ll be eligible for as an elderly person. Plus, planning this out before-hand will give those around you peace of mind knowing that your care is being taken care of.
Not all needs are the same
The need for aged care can sometimes arise unexpectedly, such as after a stroke or a broken hip. This sudden transition can be stressful, especially with the overwhelming options of facilities and the complicated funding arrangements.
Planning and communication within families can help reduce the emotional distress caused by ageing and the need for care. The My Aged Care website and the Aged Care Information Line are available to provide guidance and support.
It is important to have open and early discussions about the process to facilitate a smooth transition to Aged Care. Planning ahead for aged care and gaining a thorough understanding of the process will greatly assist in making the transition easier for all involved.
Important information: This document has been prepared by Aged Care Financial Advisers, ABN 91 600 073 630 Authorised Representative of Lifespan Financial Planning Ltd AFL 292892, based on our understanding of the relevant legislation at the time of writing. While every care has been taken, Aged Care Financial Advisers makes no representations as to the accuracy or completeness of the contents.
