What is Aged Care?
For a variety of reasons, as you grow older you may find that you need some assistance with your daily tasks or help with maintaining your health. Such reasons include illness, disability, bereavement, an emergency, the changing needs of their carer, family or friends, or because it is no longer possible to manage at home without help.
Aged care involves engaging the assistance of trained professionals who can assist you with:
- day-to-day tasks (such as cleaning, cooking, laundry)
- personal care (such as dressing, grooming, going to the toilet)
- 24-hour care under the supervision of a registered nurse or
- accessing a variety of additional services such as physiotherapy (exercises, mobility, strength and balance) or podiatry (foot care).
Cost considerations for Aged Care Facilities
The amount required to pay for accommodation in an aged care facility can vary from person to person. Income and assets will be considered to determine whether you would be eligible to receive full, partial or no government assistance.
If your income and assets exceed specified amounts, you will be required to make an accommodation payment to your chosen care provider. The payment structure available for these services may include a lump sum, regular installments, or a combination of both.
In addition to the accommodation payment, there are daily, potential means-tested care and extra services fees associated with aged care. These costs can be substantial, and many people are unable to easily fund them when the time comes.
Alternatives to Aged Care Facilities
It is important to remember that external aged care services are not the only option available to clients. Many people instead opt to receive at home care services, which includes support services such as cleaning, meal preparation and transport for shopping or appointments.
Furthermore, other popular considerations include independent living units or retirement villages.
Aged Care Planning
Your experience when transitioning into aged care will benefit greatly when a proactive approach has been undertaken with Australian Wealth Solutions. With adequate preparation, yourself and family members will experience:
- Less stressful and smooth transitions
- The encouragement to discover the most suitable care with the desired services
- The avoidance of long waitlists on your chosen facility or care provider
- A likely reduction in fees and/or maximization of social security benefits
There are various options associated with funding your care in retirement. Australian Wealth Solutions will consider your circumstances to determine the most appropriate strategy for you.