Are you prepared for Aged Care?
MB+M OzPlan’s Wealth Creation Team talks about Aged Care
No-one likes to talk about getting old, but when you or a family member needs help, there’s no getting around it. Many of our clients want to know what choices they have in their older years – and before the crisis hits. It is crucial to get prepared and have these difficult discussions now in preparation for potential changes.
When should you start thinking about Aged Care?
Any age is a good time to start thinking and planning for aged care, regardless of whether you are in your early retirement years or are well into retirement. The need for care can arise suddenly or result from a more gradual decline in capabilities.
If you are in good health, aged care is probably not on your radar. But this is the best time to have the conversation – you’ve still got capacity and you’re not in panic mode.
Or, if you’re lucky enough to still have your parents, starting the conversation while they are healthy is definitely sensible. They might not be thrilled that you’re raising the subject, but it gives an opportunity to find out what is important to them when choices need to be made.
Don’t accidentally fall into these traps:
Leaving it too late to have the conversation:
Once Mum or Dad can’t return home from the hospital, you’re in crisis mode. This is not the best environment to make life-changing decisions for anyone.
Thinking it will never happen:
Unfortunately the statistics say otherwise. On average, we can expect to live 17-25% of our retirement with a frailty that may threaten our ability to live independently without care. With those odds, planning ahead is vital.
We are here to help
Making an informed decision about aged care is incredibly important. Making the wrong decision can have far-reaching consequences for the whole family. When aged care decisions go badly, the stress can lead to family conflicts.
Not all advice is good advice. Aged care financial advice is a specialist area. The rules change constantly, as do the available strategies. This is why Myles in our office is qualified as an Accredited Aged Care ProfessionalTM to ensure we have the skills and knowledge to give you good advice.
Call us today on 5831 1233 to arrange an appointment to start your aged care planning.
Published 3 November 2022.
The information provided in this article is general in nature only and does not constitute financial advice.