Planning for aged care can help eliminate the anxiety and financial pressure that comes with this stage in life. It allows you to take control of how you will live in your last stages in life. Proper financial planning also prevents your loved ones from undergoing stress as they figure out how to take care of you. As you make financial arrangements for aged care, here are three crucial issues to address.
1. Current health condition
Your current health condition determines the financial arrangements to make for aged care. If you're suffering from a chronic illness, you may require more specialised care, and this calls for more money. However, if you are in good health, you likely won't need to spend money on costly treatments.
Examine your current health and any conditions you may be predisposed to in old age. You can do this with the help of your family doctor. Also, look into the following issues:
- Disabilities that may necessitate 24-hour aged care
- Cost of managing current and expected health conditions
- Allocations for emergency care
Your doctor can help you estimate the amount of money you need to access quality aged care.
2. Desired form of aged care
What kind of aged care do you need? Would you like to receive care from your home, or do you prefer an assisted living facility? Determine the best option and the financial implications of choosing one form of aged care over another.
For example, if you only need at-home care, you will save some money on the services. You will pay for the nurse, treatment and any miscellaneous costs. However, if you choose an assisted living facility, you will pay more. When deciding which type of care to receive, consider the following factors.
- Are you worried about living alone with your nurse?
- Do your loved ones live close by?
- Do you have a family home where you can age?
If finances aren't a constraint, you can check into a home where you get 24-hour care. Assisted living facilities also provide a sense of comfort, as you can make friends with other seniors in the facility. However, if your finances don't allow for this kind of arrangement, you can opt for short-term or at-home aged care.
3. Eligibility for funded care
The Australian Government provides funding for aged care. Eligible individuals can access assisted living services at subsidised costs. If you qualify for this program, you may not have to worry about paying a lot of money for aged care. Get in touch with an aged care assessment team (ACAT) to assess your eligibility for government funding.
One of the greatest constraints when planning for aged care is finances. Don't let the years go by without making proper financial arrangements for your senior years. Contact a company that offers aged care advice to learn more.
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