Did you know that with the recent reforms to aged care, you may be up for $350,000 to enter an aged care facility, if and when the time comes?
Understandably, most people don’t like to consider the possibility that they will need to move into aged care. As unpleasant as it might be it is really important that the planning is done well in advance.
Good communication with your family is the place to start. Often our discussions are had with the children of elderly parents who need an understanding of how it all works.
It can be a really difficult time for families and our advice is to start the conversation as early as possible. The longer we have to plan, the easier it can be when the time comes.
The process can become quite overwhelming as there are so many things to consider. What level of care is needed, available funds, maximising Centrelink entitlements, what to do with the family home, farm and more?
Like any stage in life, cash flow is important in determining the affordability of extra services on top of the care arrangements.