When it comes to aged care decisions, mistakes can come at a high price emotionally and financially. Here are the most common mistakes and how to avoid to them.
Planning ahead for your aged care needs can save you money down the track.
Assuming an aged care home will be more affordable than home care: Many people receiving a Home Care Package will reach a point where the package is not enough to give them all the care they need.
At this point, they face a decision, top up the package using their own money or move into residential aged care.
The decision is often made to move into an aged care home with the assumption being that it will be more affordable. In reality, it can be tens of thousands of dollars more.
Failing to plan: The adage ‘failing to plan is planning to fail’ is true when it comes to aged care. Many families avoid having conversations about care until there is a crisis and the result is they end up trying to find an aged care home in a matter of days.
Planning ahead means that you will be well-informed about where you want to move in the future. Respite is a great way to try an aged care home (or even a few), it is also very affordable as there are no accommodation payments or means tested care fees. You simply pay the basic daily fee of $61 per day plus an additional service fees for things like hairdressing, wine and entertainment.
Moving before you know the cost: Possibly the most common mistake people make is to move into an aged care home before they know the cost.
Whether you will be classified as a low means resident (with the government subsidising some or all of your accommodation cost), or need to pay the market price, will be based on your assets and income on the day you move in. Unfortunately, many people move in only to discover that they are slightly over the cut-off and it is too late to adjust their assets or income.
Five costly aged care mistakes and how to avoid them
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05.03.2024
When it comes to aged care decisions, mistakes can come at a high price emotionally and financially. Here are the most common mistakes and how to avoid to them.
Planning ahead for your aged care needs can save you money down the track.
Assuming an aged care home will be more affordable than home care: Many people receiving a Home Care Package will reach a point where the package is not enough to give them all the care they need.
At this point, they face a........
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