Early planning can take away a lot of the stress and uncertainty that can arise when considering aged care at home or a residential aged care facility.

When clients enter residential aged care it is generally an emotional and stressful time for everyone involved. We assist clients and their families to understand complex rules and carefully consider your options.

Major reforms to Australia’s aged care system took effect from 1 July 2014, so it’s never been more important for you to make aged care plans ahead of time. Starting the aged care conversation today can help you avoid bad decisions tomorrow – decisions which could detrimentally impact your Age Pension and any aged care fees.

The ‘Living Longer Living Better’ aged care reforms introduced significant changes to home care and residential aged care from 1 July 2014. New rules apply to people who entered residential aged care or started to receive home care on or after this date

There are a number of reasons why you should plan ahead and well before the need for aged care is imminent. For example:

• in many cases, the need to move into residential care can be sudden due to a serious illness or injury (eg a stroke, heart attack, or fall), or another unexpected event
• it’s not uncommon to find there are significant waitlists for residential care, particularly at the more popular facilities, and
• regardless of whether home or residential aged care is required, if you wait until the last minute to speak to a financial adviser, you may not be able to minimise the fees you may have to pay and/or maximise the social security benefits you may receive.

We can help to identify and analyse appropriate aged care strategies to meet both the aged care resident’s and their family’s objectives which can make a big difference to your ability to gain entry to an appropriate facility and structure your finances to meet your ongoing expenses.

With an aging population the need for age care residences will grow substantially over the next 10 years, and more people will need to consider this as an option in their retirement, particularly when you may find that you need more help with day-to-day tasks or health care. Sometimes, the best way to receive help and support can be by living in an aged care home either on a permanent basis or for a short stay (called 'residential respite').

If you are considering aged care we are happy to discuss options available, fee calculations and assistance with Centrelink and the age care facility should it be required.