preparing for our parents
aged care

Aged care is a serious matter and finding the right care is something we all need to prepare for.

These days most people want to live at home for as long as possible. The Government provides subsidised ‘home and community care’ (HACC) offering varying levels of in-home care.

Once you can no longer care for yourself at home, you will need to consider moving into an aged care facility. These are broadly divided into ‘low level’ care (hostels) and ‘high level’ care (nursing homes). Securing a spot can take anywhere from a few days to a few months.

The Age Care Assessment Team (ACAT) will determine the level of care required. The exact cost depends on the extent of the service, the provider and your ability to pay.

working out the financials

• an accommodation bond (low care) or accommodation charge (high care) to help meet maintenance costs of the facility, and
• a basic daily care fee for your living expenses.

invest time for the right result

The accommodation bond is refunded once a resident leaves or passes away. The home keeps all interest earned as well as a 'retention amount', which contributes to maintenance costs.  

The latest limits can be found here.

plan to talk

It makes sense to discuss the matter long before it becomes urgent. It allows time for everyone to weigh up the pros and cons, consider each other’s concerns and make the transition more comfortable.

If you or a family member are looking for aged care advice an ipac financial care adviser can help with both the emotional and financial issues involved.