Obtaining an aged care financial advice is a great way to stay on top of your future legal, health and accommodation matters. Support services are available to guide you through the process and provide you with personalised information so that you can make informed decisions regarding your money and your life.
Whether you are considering applying for at-home assistance or want to move into a residential facility, there is help out there for you.
This article shares everything you need to know about getting an aged care financial advice.
Benefits of getting assistance include:
- Receive help obtaining the money you need to support yourself when you can no longer work or live independently
- Ensure your family understands your wishes in the event of a severe illness
- Create a legally valid will that reflects how you want your estate to be managed after you pass on.
Information and strategies
An aged care financial advice planner can provide you with information and strategies to help you:
Pay for accommodation fees
Accommodation fees can be the most costly component of retiring, regardless of whether you are living in a retirement home or in your family home. A planner can give you information on strategies for paying your RAD and DAP fees.
Minimise costs and boost cash flow
They can also give you information on how you can access funding to cover these costs, and guidance on how to reduce your overall bills and boost the amount of cash flow you’re getting.
How to find a good provider
There are many aged care financial advice planners out there, and it can be tricky trying to figure out which one to use. Word-of-mouth recommendations are helpful. Here are some resources you can use to find the right provider for you:
- Your GP
- Department of Social Services
- NSW Government website
Types of accommodation
There are several different kinds of accommodation and aged care financial advice options available to the elderly, with something to suit every need. They may be provided through community organisations, state government or private companies, each with varying costs.
If you would still like to live with relative independence but need a bit of extra support with doing certain tasks, at-home help is an option. This involves having someone come around to help you do activities that you need support with, whether it’s doing the grocery shopping or getting dressed. This allows you to live independently for as long as you can. Home support services may include:
- Personal support (e.g. bathing)
- Meal preparation
- Social activities
- Gardening & home maintenance
If you would like additional support with your daily tasks and/or ongoing health needs, moving into a retirement facility may be an option. This involves living in a facility with other elderly people where you receive ongoing support with things like meals, laundry, taking medications and going to the bathroom. Aged care financial advice can help you to afford this option. Your family or GP may also be able to provide you with extra help during the transition from home to retirement facility.
Monetary subsidies may be available to support you. The Australian Government provides a number or subsidies covering accommodation, health support and supervision. Check their website for more information.
Feel free to make your aged care financial advice decisions with the support of family and friends, or independently with a planner. Help is available to support you during this time, so don’t be afraid to reach out.