Page 5 - Understanding Aged Care
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UNDERSTANDING AGED CARE
Thinking ahead Benefits of a family meeting:
We have to face the fact that we are all going A family meeting facilitated by an adviser can
to grow old. And, as the body and mind ages, help you to:
things can go wrong. There are those who may
never need to go into aged care. Those are the • Explore priorities and preferences and help
people of whom we say, “Aren’t they amazing your family arrive at a common view
for their age!” and hope we’ll be like them. But
we know that they are generally the exceptions. • Understand how aged care works and the
range of care options available
Like most people, you have probably taken
insurance against unexpected events during • Identify the steps required to access the
your life and had a superannuation fund to take right level of care
care of your retirement years.
• Understand the costs to enter care and the
So, just as you protected yourself in different ongoing fees
ways throughout your lifetime, you need to
make sure you are prepared financially for the • Consider the role of the family home in
costs involved when you need aged care. funding the entry fee
Holding a Family Meeting: • Review your ongoing cash flow
requirements
Many people enter aged care under emergency
conditions because of an accident or illness, • Develop strategies to optimise your
leaving little time for thoughtful decision making. financial position including minimising fees,
Make sure you don’t face this situation. It is maximising entitlements and investing the
important to address the looming issue of aged remaining assets
care now.
• Ensure the estate plan continues to reflect
your wishes and the family’s decisions
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