While nearly nine in 10 say they have a preference, less than five in 10 have discussed their wishes with their family. What about you?
According to a recent study by McCrindle, nearly 90% of Australians aged 50 and over said they’d prefer to live out their days in their own home, even though most admitted to not having given much thought to what support they’d need in order to do so1.
We look at some of the findings that came out of the research as well as what aged care options are available, so that you might be more informed around what avenues are available to you and your loved ones.
Preparation and planning are lacking
In a national survey of more than 1,000 Aussies aged 50 and over, responses revealed the following2:
- 46% of older Aussies haven’t discussed their wishes around their future care with anyone
- 75% haven’t taken any steps to ensure they’ll receive their preferred means of future care
- Around 40% aren’t confident they or the government will be able to sufficiently fund their care needs, with only 9% having a secure financial or savings plan in place
- 30% have been involved in organising care for a parent in the past, but admit they had to make decisions quickly and with limited information.
Why conversations need to be had
Today there are more than 3.8 million Australians aged 65 and older (compared to 1.7 million 30 years ago), with that number expected to increase to 7.5 million in three decade’s time3.
Australia’s ageing population indicates that it’s not just older people who need to prepare for future aged care needs, but all Australians, who need to talk to their families, while prioritising finances and ensuring they’re informed about the services available.
In-home care the fastest growing sector
Over a ten-year period, the number of people receiving aged care in Australia grew from 189,000 to 249,000, with in-home care the fastest growing sector within the care industry, outperforming growth in residential care by five to one4.
Staying at home is a priority for many older Australians, with 74% indicating they’d likely use in-home care services and 82% saying they’d be prepared to pay for such services to live at home for longer5.
With 33% of older Aussies not aware that the government funds certain in-home care services, the research highlighted that there was a need for more awareness around aged care support6.
Aged care options available
More than 50% of Aussies over age 45 have previously or are currently dealing with aged care services for themselves, or on someone else’s behalf7, which is why considering your options in aged care earlier rather than later could provide you or a loved one with greater flexibility.
Each aged care service available in Australia has eligibility criteria and an assessment process which can be organised through the government’s My Aged Care initiative.
Keep in mind that the costs of different aged care services vary and may depend on income and assets, as assessed by the Department of Human Services or the Department of Veterans’ Affairs. Here are some of the options:
Help in your own home
If you're generally able to manage, but require some assistance, there are various home-care packages available that may help with things such as getting dressed, catching transport, cooking, making modifications to your home, as well as a range of other things.
- After-hospital (transition) care - If you've been in hospital but need assistance while you recover, this type of service can be provided in your own home or ‘live-in’ setting.
- Short-term restorative care - This provides a range of services to help prevent or slow down difficulties with completing everyday tasks. It aims to delay or reverse the need to enter long-term care.
- Respite care - This service provides support for you and your primary carer when your carer has other duties to attend to, or when they’re on holiday.
Residential aged care
This is where you live in full-service residences and receive ongoing care and support. If it’s the best option for you, it’s a good idea to research and visit several homes to find the right place for you.
6 ways to stay active and healthy in retirement14 October 2019 | Plan my future A fulfilling retirement isn’t just about money, it’s also about staying healthy, active and connected. Find out more with AMP. Read more
COVID-19 and options on the table during a market correction26 March 2019 | COVID-19 AMP Capital’s Darren Beesley looks at how Australian investors can balance risk and return during a market downturn Read more
Investing on behalf of your kids20 January 2020 | Plan my future Investing on behalf of your children can help give them a financial leg up and introduce them to good financial practice at an early age. Find out more with AMP Read more
This information is provided by AMP Life Limited ABN 84 079 300 379 (AMP Life). It is general information only and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances and the relevant Product Disclosure Statement or Terms and Conditions, available by calling 13 30 30, before deciding what’s right for you. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you.
All information on this website is subject to change without notice. Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek professional advice before making any financial decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability for any resulting loss or damage of the reader or any other person.
The information on this page was current on the date the page was published. As a result of changes to the business from time to time, including changes to product, product issuer, services, trust, trustees and other entities, the information may no longer be current. For up to date information, we refer you to the relevant product disclosure statement and product updates.