Aged care is rarely something families want to think about before they need it. Unfortunately, waiting until a hospital admission, fall, illness or other crisis can mean important decisions have to be made quickly and under considerable emotional pressure.
For an ageing person, the transition towards needing additional support can also raise concerns about independence, finances, their home and the impact their decisions may have on their family.
The good news is that families do not have to navigate these decisions alone. Qualified aged care, financial, legal and other professional advice can provide clarity, identify options and help families make informed decisions with confidence.
Here are five of the most common concerns.
- “Will I lose my independence?”For many older Australians, this is the biggest fear.Accepting help can sometimes feel like giving up independence, when in reality the opposite may be true. Home support, modifications, transport assistance, meal services and personal care may allow someone to remain safely in their own home for considerably longer.The key is understanding what assistance is available and planning early.Qualified advisers and aged care professionals can help families investigate care options, understand potential costs and develop a plan that respects the person’s desire for independence while addressing their changing needs.
- “Can I afford aged care?”The cost of aged care can be confusing.Families may encounter accommodation costs, ongoing care fees, means assessments, government support and a range of payment choices. Decisions can become even more complicated when the ageing person owns a home, has investments, receives a pension or is part of a couple.This is where financial advice can be particularly valuable.A qualified financial adviser with aged care expertise can model different scenarios and help explain how various decisions may affect cashflow, assets, investments, retirement income and potential government entitlements.
The cheapest-looking option today is not necessarily the best long-term financial strategy.
- “What happens to the family home?”The family home often carries enormous financial and emotional significance.Should it be sold? Retained? Rented? Could a family member live there? How might each decision affect aged care costs, taxation, cashflow or estate planning?There isn’t one answer that suits every family.Before making a major decision about the home, obtaining qualified financial, taxation and legal advice can be extremely important. Decisions should consider not only today’s aged care requirements but also the person’s longer-term wishes and financial security.
- “Who will make decisions if I can’t?”Aged care planning isn’t only about money.Families should also consider who will manage financial, legal and personal matters if the ageing person becomes unable to make decisions themselves.Having appropriate estate planning documents, powers of attorney, advance care arrangements and clear instructions can significantly reduce uncertainty.Importantly, these conversations should ideally take place while the ageing person can actively participate in them.
A solicitor or appropriately qualified legal professional can help ensure documents reflect the person’s wishes and comply with the requirements applicable in their state or territory.
- “How will this affect my family?”Aged care decisions can place considerable pressure on families.Adult children may suddenly find themselves balancing their own careers, children and financial commitments while organising appointments, researching facilities, managing paperwork and supporting an ageing parent.There can also be disagreements between siblings about what should happen next.Independent professional advice can bring objectivity to emotionally difficult discussions. Instead of family members trying to interpret complicated financial, care and legal issues themselves, advisers can explain the available choices and consequences.
Advice Can Make A Difficult Transition Easier
Perhaps the greatest benefit of aged care advice is not simply finding a financial solution. It is giving an ageing person and their family greater certainty about what comes next.
Planning early provides time to investigate options, discuss preferences and put appropriate financial and legal arrangements in place.
Aged care can involve financial planning, government benefits, taxation, property, estate planning, health care and family considerations. No single solution will suit everyone.
That is why qualified advice is paramount.
Engaging the appropriate financial adviser, aged care specialist, accountant, solicitor and health professionals can help ensure decisions are considered from every angle.
Because ultimately, good aged care planning should be about more than managing costs.
It should be about protecting choice, dignity, independence and quality of life for the ageing person — while giving their family confidence that the right decisions are being made.
If this article has inspired you to think about your own situation and what you and your family are going through right now, contact us to start the conversation with one of our Ageing with Grace Advisory Aged Care Specialists.
This information does not consider any person’s objectives, financial situation or needs. Before deciding, you should consider whether it is appropriate based on your objectives, financial situation or needs.
~ Sarah Leslie, Kara Treeby & the Ageing with Grace Advisory Team
