Reforms in aged care in recent years has meant the system has become incredibly complex and even confusing.
Throw in that it is also a highly emotional topic also and it means it is an area that is very in-demand for quality financial advice. Paying for advice may just be the best investment you could ever make!
With a Royal Commission into aged care announced and established in 2018 we can expect to see more changes and more demand for services, advice and options following it’s wrap up at the end of this month.
So, here are some things to consider if you’re looking at care for yourself or a loved one, either at home or at a residential aged care facility.
Did you know? There are about 1.3 million people in Australia who access aged care (Aged Care Roadmap, Australian Government, March 2016).
Aged care is not just for the elderly. Usually it is the children or grandchildren that are forced to look into aged care when the need becomes desperate, and by that time it is often too late to properly consider and plan for the best outcome. Mum or Gran may be in hospital and unable to come home, so the need becomes urgent. The earlier you think about aged care, the more in control you are, and the better outcome you can hope for. Getting organised when there is still no urgent need, is vital.
As a professional financial adviser specialising in aged care, I take pride in working with my clients over time to consider their whole financial plan, a part of which is aged care. Staying up to date with constantly changing legislation is just a part of what I do. By working together we build a better relationship, one based on trust and understanding, and this helps my clients get peace of mind that they have someone looking out for their financial future and lifestyle.
There can be up to four levels of daily fees in care, so getting the right advice is crucial.