aged woman

How To Plan For Aged Care

One of the inevitable aspects of life is getting older; it is unavoidable and something that even the most wealthy people are susceptible to. Whilst getting older is no bad thing, it can sometimes make daily tasks more challenging. This is why many older people find themselves in need of extra help.

It can be incredibly important to start making an aged care financial plan with the help of Sydney Aged Care Financial Advisers much earlier in life so that you are well prepared when the time comes. This will often prevent you from not being able to afford the help you need.

Keep reading to find out how you can make sure that you are well prepared for care and have an aged care financial plan in place.

Understand how it works

Before you can even begin to make an aged care financial plan, you first need to understand how the system works in Australia.

The system at Sydney Aged Care Financial Advisers essentially helps people of 65 or over who are no longer able to effectively care for themselves in their own home. Whilst there are a variety of options to help people fund this service, the Australian Government is the main benefactor. This means that when considering your aged care financial plan, you should remember that the Australian Government will assist you.

The entire system is regulated by The Aged Care Act 1997. This decree has set out the basic principles and laws in regards to the funding of the scheme.

Decide what avenue you want to go down

It’s important to remember that there are plenty of different options, so when the time comes there will be a suitable aged care financial plan to suit your specific wants and needs. There are three primary options; at home, flexible and residential.

At home: One increasingly popular forms of respite mean that whoever requires the extra help does not need to leave their home or move into a nursing facility. However, this type of aged care financial plan is generally quite basic and for those who have a family member to help them, or who can still complete some daily tasks. This type of help can also be used as a respite to give family members or care givers time to relax. Some services included with at home support include:

aged woman in a wheelchair being assisted

The exact services you will receive with at home aged care financial planning will depend on what the service provider offers and what specific requirements you have.

Flexible: This form of aged care financial plan is for those individuals who will not benefit from either at home or residential assistance. Under the Act passed by the Australian Government, there are four primary types of flexible aged care financial planning:

  • Transition
  • Short term restorative
  • The multi purpose service programme
  • Innovative programme

Residential: This form of aged care financial plan is provided in nursing homes on either a permanent or respite basis. Residential help is generally reserved for those who require more help than can be given in their own home. Some of the primary services included in this form of help include:

  • Accommodation
  • Laundry
  • Meals
  • 24 hour assistance

In Australia, there are plenty of options for aged care financial planning and it is possible to find the perfect long term or short term solution to help any individual.

Organize the legal aspects

Another important aspect of aged care financial planning involved being aware of any legal aspects and essentially making sure that your affairs are in order.

The first thing you will need to do is look at your Will or write a Will if you do not currently have one. It is important to make sure that your Will is up to date and includes the important people in your life.

Being prepared legally involves your monetary assets too. This includes both ensuring that you have an aged care financial plan in place for if you do ever need assistance and also ensuring that you know how much money you have and what you want to do with it.