A Comprehensive Guide to Planning for Aged Care
Deciding to move into aged care is a significant and emotional decision that involves careful planning and consideration. At Acton Wealth, we specialise in guiding you through every step of the aged care journey, ensuring you have the financial, legal, and personal support you need. This guide outlines the key steps and considerations to help you navigate the complexities of aged care.
Step 1: Assessing Eligibility What to Do: Arrange an aged care assessment through your local Aged Care Assessment Team ACAT. Assessors, including nurses and social workers, will determine your eligibility for government-subsidised care and identify the level of assistance you need.
Who is Involved: You and your family, your financial adviser, ACAT team.
Things to Consider: Ensure all medical documentation is up to date. If you are in a hospital, nursing staff can help arrange an ACAT assessment.
Step 2: Finding an Aged Care Home What to Do: Research and visit facilities to find one that meets your needs. Make a list of your priorities, including social, cultural, and medical requirements.
Who is Involved: You and your family, your financial adviser, and aged care placement services if required.
Things to Consider: What social and cultural activities are available Can the facility meet your medical and personal care needs What is the accommodation fee for available rooms Are there long waiting lists
Step 3: Working Out the Costs What to Do: Understand upfront and ongoing costs with the help of your financial adviser. Apply to Services Australia for a fee assessment.
Who is Involved: You and your family, your financial adviser.
Things to Consider: Will you sell the family home What are the impacts on social security benefits How will you ensure cash flow to cover ongoing expenses
Step 4: Applying for Entry What to Do: Apply to your preferred facility and complete the application process. Review and sign the resident agreement, which outlines fees, services, and terms.
Who is Involved: You and your family, your financial adviser, your lawyer to review legal documents, and aged care placement services if required.
Things to Consider: Understand your rights and responsibilities under the resident agreement. Negotiate the accommodation fee if applicable. Review estate planning arrangements.
Step 5: Moving into the Facility What to Do: Organise medical, legal, and financial matters before the move. Notify Services AustraliaDVA for means-tested fee determination.
Who is Involved: You and your family, your financial adviser, and aged care placement services if required.
Things to Consider: Notify relevant parties e.g., family, health professionals, government departments. Prepare items to bring such as clothing, personal belongings, and essential documents.
Step 6: Ongoing Considerations What to Do: Monitor ongoing expenses, including aged care fees and other personal costs. Notify your financial adviser of any changes in your circumstances.
Who is Involved: You and your family, your financial adviser.
Things to Consider: Maintain adequate cash flow for expenses. Keep Centrelink or the Department of Veterans Affairs informed of any changes to your financial or personal situation. Regularly review your financial plan with your adviser to ensure it remains aligned with your needs.
How Acton Wealth Can Help
At Acton Wealth, we provide personalised aged care financial advice to help you understand costs, navigate government subsidies, fees, and payment options, plan effectively, address estate planning, tax implications, and cash flow management, and coordinate professionals. We collaborate with legal and healthcare experts to ensure all aspects of aged care are managed.
Contact Acton Wealth today to begin your aged care planning journey with confidence and peace of mind.
