The biggest Aged Care mistakes to avoid
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- Опубліковано 3 сер 2024
- It is so very easy to make many mistakes when organising Aged Care for your loved one.
Today I want to show you the biggest Aged Care mistakes most people do and how to avoid them.
This system is just as complicated as the Age Pension system, and dealing with Centrelink is not any easier, although there is a dedicated department dealing with Aged Care issues.
So let's go over those often made mistakes and what to do not to fall a victim to the overcomplicated system:
Mistake 1: Making Aged Care decisions in a crisis with no planning but in a panic.
Sadly, the vast majority of older people go into Aged Care with no plan and usually completely unprepared. They might have a fall or other medical trauma, have undergone an Aged Care Assessment, often in a hospital after which they are not allowed to return home due to health issues and inability to continue living independently. As a result the family is forced to make rushed decisions that can end up seeing your loved one ripped off and short-changed by this overcomplicated system.
Mistake 2: Missing out on in-home Aged Care services To qualify for a Home Care Package you will need to have an assessment of your care needs, that is done by an ACAT (Aged Care Assessment Team). The assessment is free and will normally be conducted in your own home to work out what things you are happy and capable doing for yourself, and in what areas some assistance is needed and then to identify the services that could be available to you.
Mistake 3: Selling the family home without receiving advice I spoke many times in my videos about Income and Assets Test that Centrelink applies to work out your Age Pension eligibility. A very similar situation is when moving into a residential Aged Care facility. Yet again assets and income will be assessed to calculate fees.
Therefore the outcome of such assessment will determine if the person entering the Aged Care facility is: - a fully-supported resident, - a partially-supported resident or - a resident that pays a full market price. Whatever the decision about family home is, it is essential to make sure, that there is enough cash flow to pay Aged Care fees and meet any other living expenses. And this is where the assistance of the experienced Financial Planner is invaluable. It can be a difference of having access to Age Pension or losing it.
Mistake 4: Entering a granny flat arrangement without advice and a formal agreement It is a type of a financial and living arrangement with their family, with the purpose to defer entry to residential Aged Care for as long as possible. And again, we enter the area of very special set of rules that apply to granny flat arrangements. If done incorrectly, it can affect your eligibility or rate of payment for Age Pension.
Mistake 5 - Not seeking financial advice I mentioned this already several times, but there are those very important moments in our lives, when advice is just a must. And most certainly preparation for Aged Care in whichever shape of form is one of those crucial moments. Setting it up correctly can provide peace of mind with financial security and personal enjoyment and satisfaction, where we can just concentrate on our loved once, rather than worrying about the money and ongoingly fighting the Aged Care or Age Pension systems.
Videos mentioned today:
31 ways to improve Retirement Planning Part 2: • 31 ways to improve Ret...
To download the book 12 PRINCIPLES OF INVESTING:
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Katherine Isbrandt of About Retirement
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Is Aged Care part of your retirement plan?
Very informative, thanks Katherine!
Glad you found it informative. Thank you 😀
I am the 1870 viewer and the 87th like. Come on viewers, give a like to Kath's great work
Thank you Aussie Taipan 😀
your accent is so nice
Thank you 😀
Where can we go for financial advice on granny flats.
Granny flats arrangement is another specialist area of retirement planning. I haven't done any videos about it, as I was unsure if there is any interest. Feel free to book a meeting via my website aboutretirement.com.au/ and we can have a chat to see how I could assist.