Navigating Your Way Through Aged Care
When deciding on assisted care for parents or grandparents, there are many difficult decisions to make, often within a short timeframe. In partnership with our aged care and legal service providers, we offer a specialised service in selecting a facility that meets the family’s needs in relation to location, cost, level of care and more.
Aged care is a sensitive topic requiring careful contemplation, and is becoming an increasingly relevant consideration for many Australians. It is also a significant investment and while the government subsidises aged care, it can be a financial grey area without transparent information and sound advice.
Average life expectancy is increasing and projected to be as high as 84.9 within the next 10 years.* Alongside this, the proportion of the population aged 65 and over is forecast to increase by nearly 38% over the same period.*
Despite the increased demand for aged care, the sector is experiencing a steady decline in workforce. In 1970 there were 15 aged care workers per retired couple, whereas today there are fewer than 10.*
All of this highlights the need for a solid wealth management strategy that takes into account practical and financial implications for the long term. Some important considerations include:
- What are the financial implications of selling the family home?
- How can you ensure pension entitlements are optimised?
- What are the tax implications?
- How will aged care reforms impact upon fees?
Traps for Young Players
As with any major financial decision, when assessing care options it’s important to keep in mind some key factors that can sometimes slip through the cracks. Ask yourself:
- Can you afford to pay for care and still have resources left to meet living expenses?
- Are you considering more than just the cheapest price for accommodation and care?
- Does your current strategy meet your needs and preferences in terms of location, quality, lifestyle, amenities and privacy?
We Want Your Wealth to Mature With You
As part of our broader commitment to developing strategies that create, manage and protect your wealth over the long-term, we aim to make the transition into aged care easier. We achieve this through a combination of sound financial advice and simplification of the placement process throughout the following steps:
- Assessment and Family Briefing: Consultation to identify and tailor solutions and provide relevant, comprehensive information.
- Search: Facility search and selection based on individual needs.
- Finances: Advice on such factors as cash flow required and maximising entitlements.
- Moving: Co-ordination of the process, including applications, paperwork and relocation.
Our aged care partner has over 30 years of experience assisting older Australians transition to care and, together, we are dedicated to ensuring your financial security and peace of mind.
To discuss this sometimes-overlooked component of your wealth management strategy, please contact us today.
* Source: McCrindle