This is the final article in a series of Aged Care emails we have produced over recent months.
By planning ahead and visiting a few care facilities in your area or close to where your support is, you can take comfort in the thought that if you are forced into care either through an accident or suffer a major illness you and your family will already know where you would like to go.
On the other hand, by failing to prepare you could potentially put yourself and/or even your family in a really stressful situation which can be avoided with proper planning.
We have learnt that knowing how to fund your care and having an understanding of your cash flow and budget needs is imperative. Early advice and planning can also help you ‘future-proof’ your property by changing the title of your assets to protect your Aged Care fees. You will also know what you need to do with your home and all its contents – either sell or lease your home when you move into a facility. Knowing this ahead of time will give you time to adjust to the thought of moving and peace knowing that you have done everything.
Adequate Aged Care planning can also give you enough time to review your Will and other Estate Planning documents so you can ensure that they are up-to-date and readily accessible when you need them.
Early advice also gives you opportunities to properly discuss your care with your loved ones allowing them to be in a better position to make decisions for you when you are not able to make them on your own.
Not only could this save you money in the future, early advice and planning could also save you and the rest of your family a great deal of grief, stress and arguments about what you really want.
Finally, understanding your cash flow is possibly the most important aspect of moving into care as this will give you and the family a sense of security knowing that you have the funds to support yourself.
Having reviewed this in advance will ultimately lead to fewer concerns about the road ahead and how your family may cope with you or a loved one is going into care.
How much is affordable for you and how long your money will last will have been determined avoiding last minute decisions.
In summary, early advice will:
- Enable choice of facility to be made to reduce the chance of ending up somewhere that is not suitable
- Understand the process and what you need to do
- Know what you can afford to pay and how you can fund the care understand your cash flow needs
- Know what needs to be done with your assets and your home if this is to be sold or rented out
- If your family needs to help with your care costs then they will be prepared in advance
- Know that you have done everything to reduce the costs and to preserve long-term capital
- Know what you or your loved ones prefer – less arguments
- Your estate planning and relevant documents will be up to date and everyone will know what their role is
Failure to plan for a move for yourself or a loved one into care can be extremely stressful – so plan ahead as it will reduce stress and anxiety considerably!
Therefore, if you are contemplating having to move a loved one into care (or you are just getting older) then why not call me so we can arrange a meeting to discuss your situation – there is no cost for this meeting and I’m sure you will find it very beneficial.
As mentioned, this is the final in a series of articles regarding Aged Care. If you would like to read our previous articles, please click the link below:
- Aged Care: All you need to know
- Aged Care: Home Care, Retirement Village or Aged Care
- Aged Care: Aged Care Assessment and Facilities Review
- Aged Care: Minimising Aged Care Cost
- Aged Care: It’s All About Cash Flow
- Estate Planning: What can you do now and why this is so important
For more information or to discuss Aged Care needs for you or a loved one, please contact Andrew Wem, an accredited Aged Care Specialist Adviser, on firstname.lastname@example.org or (02) 9008 3000.