I need aged care help - now, fast, quick!
Updated: Jun 25, 2020
I've got an acquaintance whose elderly Mum needs his daily care. He's the 'point man' for his siblings as they live away and he makes sure that she is well looked after on a day-to-day basis. It's an arrangement that's worked well for a while. But he's just got himself a new job, which he needs, and it means that this will now affect how he can look after Mum.
It all moved quickly. Now he's scrambling for options on what can work for them.
This is the pattern I see regularly.
Situations change. The health of an elderly parent deteriorates quickly. One moment they're fully functional and self-sufficient - the next moment they need care. It's usually dementia-related or due to a fall where they've now become physically limited. Something that was now manageable with the help of the kids regularly visiting and giving a hand to Mum or Dad turns into something next level. When this happens it's time to partner up with Aged Care specialists to help provide for what you can't.
But 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.
Have they been assessed by the Aged Care Assessment Team (ACAT) to see what level of care/entitlements are available to them?
Are they able to stay at home and function with the assistance of a Home Care package or do they require full-time residential care?
How will they pay for the cost of care?
Have they received financial/legal advice on the Care Agreement they are committing to?
Do they sell their home or keep it?
And, how this will impact their Age Pension
It's always best to plan ahead so that you can work with the options available rather than having to react quickly at a stressful time. But, we're humans, and typically 95%+ of us humans will leave things to the last minute. We're reactive. And this will cost us in extra time, stress and money later on.
If you see that Home Care or a full-time Aged Care facility will likely be needed for your elderly Mum or Dad then start looking into it today. It will cost you some time, effort and money for the advice today - but you'll be thankful for one-less stress and a clear path for when that day comes.
When you need to get it right for them, get the right advice. Plan ahead today.
Shaun O'Keefeis a fee-based financial planner serving the families of the Peregian community. He specialises in retirement planning advice, SMSF, superannuation and life insurance along with strategies for UK QROPS pension transfer and estate planning. His major focus is helping his clients set themselves up to build and successfully transfer their wealth between the generations.Subscribe