Making the transition into aged care can be stressful and moving into a residential aged care facility can be complicated.
There are a number of issues to consider depending on the level of care needed, the length of stay required and a person’s current level of assets and income. If either you or a loved one is facing the possibility of moving into aged care, the best place to start is by making sure you understand all of the options available to you. This is where good financial advice can help.
Plan ahead of time
The process can be made smoother by preparing and planning early. This allows better outcomes to be achieved by not only you, but your family too.
Family members, such as your spouse or children, are often directly or indirectly impacted by the decision to move into residential aged care. This is why it is often a good idea to include family members in the planning process. Allowing everyone to prepare for the potential financial impacts ahead of time can reduce the emotional stress associated with such a transition.
What are some of the things you need to consider?
While everyone’s situation will be different, some of the common aspects you might need to consider include:
• Cost of aged care
• The family home
• Managing cash flow
• Estate planning
Talk to us today
We have experienced financial advisers who understand the complexities of residential aged care, and who will work with you to help you achieve the best outcome.
With the right advice you can be sure you will achieve the best possible outcome in relation to fees paid and age pension entitlements received.
This information is of a general nature only and has been provided without taking account of your objectives, financial situation or needs. Because of this, you should consider whether the information is appropriate in light of your particular objectives, financial situation and needs.