Talking about your own, or a family member’s Aged Care needs can be hard but starting the process early will make a big difference to you and your family.
It’s helpful to have a number of things prepared so you’ll already have them in place when it comes time to the Aged Care process.
Firstly, ensure your Will is up to date and have Enduring Power of Attorney documents drawn up. You could consider appointing someone or a couple of people you know and trust to manage your financial affairs in the event you are unable to. Also consider appointing a Guardian who you know and trust to make decisions around your future care and medical needs, if needed.
Collate your Important Documents and Contacts
It’s smart to start a folder containing all your important documents, so that everything is in the one place should someone else need to act on your behalf. Advise your Power of Attorney where you keep this information, so they know where to find it should they need to assist you in the future. Items to include in the folder:
- Birth Certificate
- Share certificates
- List of bank accounts and term deposits (name of banks)
- Superannuation statements
- Investment statements
- Insurance policy documents
- Title deeds to your home
- Power of Attorney
- Utility accounts (e.g. phone account, gas/electricity, etc)
- List of contact numbers for family, friends, medical professionals (including Optometrist) and other professionals such as your Accountant, Solicitor and Financial Planner.
To take the stress out of bill paying, consider setting up direct debits on all regular bills such as phone, internet, utilities and anything else to ease the burden of paying accounts.
Question whether you are you happy with your car. It is better to upgrade whilst you are still a confident driver, so you can adapt more easily to a new car. Is it easy to drive and park? Does it have air conditioning?
Ask yourself whether your home is going to meet your aged care needs. Do you need to downsize or find a home that is easier to maintain? Make the change whilst you are still able to cope with a major move.
Don’t wait until you are desperate for help in the home to organise it. Wait lists can be approximately six months for Home Care. Once you reach age 65, you are can apply to My Aged Care for an assessment to determine your needs and eligibility.
CCFPG can help you with an Aged Care Strategy
If you or someone you know requires permanent Residential Aged Care, then it is important that you speak with your Financial Planner about how to manage the costs involved. We can look at a variety of strategies and show you how each option available could affect Aged Care costs and pension entitlements.
Your Aged Care Specialists at Central Coast Financial Planning Group will ensure your Aged Care strategy is completed in a timely and stress-free manner so that you can focus on what matters most. If you would like a complimentary meeting with one of our Aged Care Specialists, please book here or call to make an enquiry.
DJIB Investments Pty Ltd T/A Central Coast Financial Planning Group is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429. This editorial does not consider your personal circumstances and is general advice only. It has been prepared without taking into account any of your individual objectives, financial solutions or needs. Before acting on this information you should consider its appropriateness, having regard to your own objectives, financial situation and needs. You should read the relevant Product Disclosure Statements and seek personal advice from a qualified financial adviser. From time to time we may send you informative updates and details of the range of services we can provide. If you no longer want to receive this information, please contact our office to opt out. The views expressed in this publication are solely those of the author; they are not reflective or indicative of Licensee’s position and are not to be attributed to the Licensee. They cannot be reproduced in any form without the express written consent of the author.