It can be a confusing, stressful and emotional time when considering placing yourself or a loved one into residential aged care – the best approach is to gather the facts and seek guidance from specialists.
Naturally, your focus is to find the best aged care facility available, however it is just as important to consider the financial options, so you make the right financial decisions for you and your family.
Adams Accounting can assist you through the decision making process consisting of five stages.
Any individual who is to be submitted to aged care needs to be assessed by the Aged Care Assessment Team (ACAT), who determines the level of care required. Future care requirements should also be considered, particularly where there is a pre-existing condition. Currently there are two types of aged care;
The appropriate or desired facility may seem clear, however despite the level of care being the main factor consideration should also be given to;
It is important to understand the fees and costs involved with entering aged care, as well as the most effective way to fund the entry whilst also considering the impact on your pension receivable. The cost will depend upon;
Aged care facilities charge a number of separate fees to cover the care provided, accommodation and living expenses. The fees vary between facilities and even the residents within a facility. There are four kinds of facility fees;
The means test looks at your financial assets and income streams. Structuring your finances efficiently can minimise how much you’re obliged to pay.
With the ageing population of Australia the demand for aged care is increasing, so it’s important to lodge your application as soon as possible, otherwise your choices may be limited.
Keep in mind you may need to lodge an application with more than one facility.
After entering an aged care facility there will also be ongoing fees for the accommodation and everyday expenses. It is important to regularly review your financial position to ensure your money lasts.