Aged care advice to help your loved one while they're still at home or if they're in need of full-time residential care.
There's so much to think of when it's time to reach out for help on behalf of your loved one. Understanding the range of care options available and all the other variables can be daunting. Are they able to stay at home or do they require full-time residential care? How will they pay for the cost of care, whether to sell the home or keep it and how this will impact their Age Pension - it all matters. When you need to get it right, get the right advice.
Sunshine Coast, Queensland
HOME CARE ESSENTIALS
Staying in the familiar surroundings of home is the preferred option for most of our aged loved ones. But as the years get on, a helping hand may be required to see through the day-to-day activities of looking after them.
There are different levels of home care options available - from transport to and from organised community social events, home cleaning and yard maintenance through to medical and rehabilitative support. The needs can vary as do the costs of care.
For many, there will be government-subsidised support available through accredited home care providers once they have received ACAT assessment. These providers will then require a contractual agreement to be signed for the care package being provided. In the agreement, the recipient, or their Power of Attorney, are instructed to seek their own financial advice prior to signing. Many don't - and just go ahead and sign. Sadly, they're then binding themselves to a home care agreement that they may not be able to afford and may not be suitable for their personal situation.
HOW I CAN HELP
Understanding your financial situation and your ability to afford the care available is so important. I will review the recipients Age Pension entitlements and allowances, their cost of living and the cost of their care and provide you with a Home Care Essentials report. It will demonstrate if they have the ability to afford the cost of a government-subsidised Home Care Package as well as the financial capacity to afford to purchase additional private care services based upon their support needs - those which are not included under included in their current government Home Care Package level.
The report includes:
An estimate of the recipient’s daily Home Care fees shown as an annual amount.
Accurately calculate the recipient's Age Pension entitlements and allowances.
Identify all income and all outgoing expenses for the current year.
Identify the recipient’s personal cashflow position and ability to afford the additional private care services they need.
FUTURE CARE NEEDS
Sometimes, a Home Care package can't provide the level of care your loved one requires. They may eventually need to receive the full-time care and support which is only available from a residential care facility.
This holds another level of complexity with variables which need to be considered to make sure the right option is selected for their situation and needs. The options available can be considered in advance to avoid time pressure when you need to move quickly. It helps to have a clear pathway prepared ahead of time.
HOW I CAN HELP
I will review the recipients Age Pension entitlements and allowances, their cost of living and the cost of their care and provide you with a Future Care Strategy report. This is a more detailed strategy report which will demonstrate the financial impact of a long-term Home Care arrangement on their situation and provide you with future care options if they were to transition into residential care. It will make sense of the range of options available to them and then identify the most suitable.
The strategy report includes:
An estimate of the recipient's daily aged care fees payable for residents who have entered care.
Accurately calculate a recipient's entitlement to the Age Pension and certain allowances.
Estimate the accommodation contribution (Lump Sum & Daily Fee) for low-means clients.
Show the impact of selling or retaining the family home and other assets.
Identify all income and all outgoing expenses over a 5-year period.
The strategy report includes detailed explanations for each of the different scenarios.
This is a critical report for assisting with the client’s Estate Planning requirements.