Aged care explained
From 1 July 2014, the Government has introduced reforms to radically change the aged care system within Australia. The reforms aim to make the aged care system more equitable and address inefficiencies within the current system.
The Government has also provided more support for our ageing population to remain within the family home. This means elderly family members can access a home care package in order to remain within their home for a longer period of time. This will change the journey into aged care facility and you or your family may require assistance from a financial planner to understand the applicable fees and charges.
Residential aged care
Transitioning to a residential aged care facility can be an emotional and confusing time. Naturally, the focus is to find the best aged care facility, but it's just as important to consider the financial aspects in order to make the right financial choices.
Like any financial decision, it pays to understand not only the options that are available, but the rules and regulations that apply, so that you can make the right decision for you or your loved one.
The areas to consider when looking at aged care include:
- The level of care required – this will be based on the physical and mental ability of the individual.
- The type of facility needed – different facilities provide different levels of care.
- Your financial situation – the costs of aged care and the best ways to pay.
There's no doubt that the decision for either you, or a loved one, to move into an aged care facility is a tough one. For more information read our Aged care – making an informed decision guide.
To discuss aged care options for you or a loved one make an appointment with a Bridges financial planner.