Aged care

We can help you understand your aged options

As you get older you may need some type of aged care but there are many options and the system is complex. Moving into aged care is often a very emotional decision. Sometimes a sudden illness can force you to realise you cannot live independently and that means you have to leave your home – with all of the associated upheaval that causes.

The good news is that there several options, ranging from comprehensive residential care through to a care at home program.

Your aged care options:

• Retirement villages
• Residential aged care facilities
• Receiving care at home

The government may subsidise your aged care costs depending on your financial situation but if you want to have additional services you will have to pay for these yourself.

Aged care is one of the most complicated areas of financial advice because there are many different options to choose from depending on your situation. You often have to make decisions quickly, either because you are urgently in need of care or because of the time limits in the government assessment process.

Aged care considerations:

• What type of care do you need?
• How will your choice affect your age pension and Centrelink entitlements?
• Do you need to sell the family home or should you keep it and rent it?
• Will it affect your estate plan?

A financial adviser can help you make the right decisions about your aged care options or those of your parents if you’re responsible for them. To find out more you should speak to your financial adviser. If you don’t have a financial adviser, we can help you find one.