With multiple avenues to explore, thinking about aged care earlier rather than later could provide you or your loved one with greater flexibility.
The costs for after-hospital, respite and short-term restorative care depend on the level of care and how long it’s required.
The fees for an at-home-care package or residential aged care can also vary and will depend on income and assets, as assessed by the Department of Human Services or the Department of Veterans’ Affairs.
With a residential aged care facility there may be one-off payments (or deposits), as well as ongoing fees for care, accommodation and daily living expenses.
If you’re a self-funded retiree, it’s a good idea to seek an income assessment before commencing an at-home-care package or entering residential aged care to avoid paying maximum fees and charges.
Having the discussion
Deciding to have a discussion is the first step. So, if you’re in a situation where you need to approach the topic of aged care, whether it’s for yourself or a loved one, it’s better to do it sooner rather than later.
Remember, it may not be easy and it’s fairly normal for people to resist this type of conversation. For this reason, it’s a good idea to approach the topic as a series of conversations so that you (or your loved one) are in a better position to articulate what you want to happen.
Things worth considering when approaching the topic include:
- Being deliberate about the time and place for these conversations
- Thinking about whether other family members should be included
- Whether relevant paperwork is accessible and in order
- Whether third parties, like the family doctor, could help by offering their perspective.
As there are complexities and tax implications to work through when it comes to aged care, including for example whether to sell the family home, it’s a good idea to get in touch with us to discuss and consider your personal circumstances.
Other useful resources include:
- The My Aged Care website, which is a useful first point of call
- ASIC’s MoneySmart website, which has further information on aged care.