Many Australians find it difficult to send their elderly loved ones into a retirement home. However, it may be the best decision for some despite the growing expenses involved. Retirement homes are fully equipped with the right tools and staff to ensure that your loved ones lead comfortable and happy lives. But which factors do you need to consider before sending an elderly relative to an aged care facility? Here’s a rundown of all the steps you should consider:
1. Know the Additional Fees
Although standard aged care facilities provide common services for older people, most people still want the best care available for their elderly loved ones. Through add-on services, you can customise senior care plans to fit the needs and preferences of your family members who are in a care facility.
However, add-on services will also incur additional costs on the predetermined age care plan primarily selected by the family. If you would like to customise the age care plan for your relative, make sure to be ready for more fees that might come after rearranging the set program. Don’t worry; all the changes will be thoroughly discussed by the aged care facility. This way, you’ll be fully informed about everything before you sign up.
2. Understand Financial Planning
Aged care financial planning is an integral way to prepare families for funding care and managing expenses in the future. With active and dedicated planning, families may apply to subsidies provided by the government to ensure that their elderly family members will get the help they need.
Regardless of the family’s financial situation, planning makes people feel more secure when sending a family member to an aged care facility. By monitoring your expenses and budget, you can figure out the exact fees you might need for aged care in the future.
3. Speak with a Financial Adviser
Receiving aged care services depends on how well people understand the importance of funding as well as their ability to access such services. Talking to a financial adviser should help a family understand how they can manage their current financial situation to prepare for any future aged care service they might need.
Being ready for what lies ahead is nothing new. However, some people still come empty-handed when they need to fund something as expensive as an aged care program. Try to secure your relative’s future by hiring and talking to a financial adviser as early as now.
4. Talk about Retirement and Aged Care
Superannuation works to aid people who wish to prepare for a smooth retirement. Although you aren’t required to understand the pension program entirely for your loved one to get into an aged care home, it highlights the challenges in negotiating with the sector, even for people skilled enough to handle technicalities.
Hiring a financial adviser who is proficient at providing advice in retirement and aged care is vital in helping people understand the provision better to secure a more seamless retirement. You can look forward to receiving sound advice from those who know superannuation policies and retirement benefits like the back of their hand.
5. Manage Aged Care
Aged care can be inevitable in certain circumstances and something to be prepared for. However, what if your loved one doesn’t have the financial means to fund their golden years?
The Australian government understands that not everyone can afford to retire in an aged care facility. That’s why they have made provisions to ensure that everyone will have a chance to receive the much-needed accommodation and care services they deserve.
Your financial adviser can point you in the right direction of where to seek financial aid for aged care.
Aged Care: Always Be Prepared!
Moving an elderly loved one to an aged care facility may be difficult to accept. However, if it’s the best decision for their health and safety, families should do it. Through the government’s financial aid, people of all economic backgrounds can now send a family member to a facility that can take care of them, regardless of how much of the financial burden they can shoulder.
Central Coast Financial Planning Group understands the struggles in ensuring a seamless transition to aged care. We want our clients to experience the lifestyle they deserve by offering financial advice in the Central Coast and surrounding areas. Schedule an appointment today for a complimentary meeting, and let’s discuss how we can help.
Disclaimer: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.