Australians are living longer, and while increasing life expectancy is something to celebrate, our senior years bring fresh challenges. One such challenge is making the transition to aged care.
Along with a raft of emotional issues, the decision to guide a loved one into aged care accommodation comes with financial concerns. Australia’s aged care system can be extremely complex – often more so for seniors, and it can be very costly. Let’s take a broad view of why it pays to make advance plans.
It pays to make advance plans
Many families discover all too late that demand for aged care accommodation often outweighs supply, and that trend is likely to continue with Australia’s aging population. Leaving things to the last minute may narrow the choice of available options, even bringing the possibility that a loved one is located some distance from immediate family members or their established local network of friends.
Meeting the cost of care calls for careful management
It’s not just the limited choice but also the cost of aged care that can come as a surprise. Self-funded retirees in particular can be asked to stump up accommodation bonds running into several hundred thousand dollars. Without forward planning, valuable investments may need to be sold in a hurry to secure a place in your preferred residence.
Don’t overlook estate planning
Overarching these considerations is the need to arrange with older family members in particular powers of attorney, and to maintain up-to-date Wills and other estate plans.
We understand aged care is a tough subject to broach. Having a sympathetic expert to guide you on the financial aspects of this life stage can help you make good plans for the people you love. Contact us today to lay plans for the aged care needs of your family.