The Aged Care Season

 

The up-and-coming Christmas and festive period is also known as the ‘aged care season’ where family gatherings often bring to light the changing needs of aging parents. Parents may no longer be as independent as they once were and it can be a crucial period for discussing and planning for aged care,

Here are a few points to consider:

  1. A robust conversation: Family discussions can be difficult to start but not impossible – for example, “Hey there, and before you go today, think we should have a quick chat about looking at some different accommodation and care possibilities next year to make your life simple and easier?”

 

  1. Get care needs assessed: Contact MyAgedCare for a care needs assessment, which is necessary to access government-funded aged care services. Does your MyAgedCare assessment need to be updated? Not all facilities can look after any resident as they may need specialised care needs.

 

  1. Consider Age Pension consequences: Will renting or selling your family home or the sale of other assets to move into care affect or qualify you for the Age Pension and other entitlements? You may be surprised.

 

  1. Get the timing right: For couples, the timing of moving into aged care can affect costs. Moving separately can sometimes be beneficial in terms of costs and subsidies.

 

  1. Who is your trusted Enduring Power of Attorney: Ensure you have an Enduring Power of Attorney in place for someone to make decisions on your behalf if you are unable to do so. It a good idea to review these arrangements.

 

  1. Estate plan: Developing a comprehensive estate plan will not only document your wishes and bequests but should raise and raise awareness of potential tax and aged care fee issues for the survivor of a couple.

 

  1. Get good advice: Consult an Aged Care Specialist® like myself to understand all options, use strategies to make it more affordable, and avoid surprises.

This article was written by Harry Kalaitzoglou CIMA, who is available for a conversation on the above topics should you wish to discuss further.

https://www.ikeep.com.au/

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