Planning for aged care

Need to plan a move to residential care?

Planning a move to residential aged care for yourself, a family member or a friend can be a stressful time, but early planning and good advice can minimise the stress for you and your family.

You will be faced with many personal and financial decisions, but there are seven key steps that you need to consider when planning:

1. Planning – Reduce the stress by planning ahead, starting with a family meeting to make shared decisions. Frank and open discussion is the first step to an effective decision-making process
2. Assessing Options – Aged care can be accessed in your home or in a residential service. To help y9u decide which option is best, arrange a free assessment by and Aged Care Assessment Team/Service
3. Searching for Services – If residential care is required, think about what criteria is important in deciding where to live. Make a list that includes location, amenities and your health care needs. This list will help you develop a shortlist of potential services you might like to contact or visit
4. Understanding Costs – What you will pay for is divided into contributions towards accommodation, care and additional services, and the total payable can be hard to calculate without good advice. How much you have to pay may depend on:
   • The service you choose
   • Your assessable assets
   • Your assessable income
5. Covering the Costs – Before making the move, a complete review of your financial situation is ideal to ensure you can create sufficient cashflow and maximise your estate
6. Estate Planning – Anytime your circumstances change it is important to consider the impact this has on your estate plans. This includes when you move into aged care. Some of the things you need to consider include: the will, investments and powers
7. Moving – When you accept a place in an aged care service you will be asked to sign a Resident Agreement. This will detail the services provided and fees payable. It will also outline your rights and obligations

Please click here for a PDF guide, which expands on the seven steps outlined above to help you navigate through the aged care maze, access information on where you can find assistance.

GHR have an accountant or financial planner willing to assist you with these processes today and help you get peace of mind. Our offices are conveniently located in Manly and Mona Vale, within Sydney’s Northern Beaches. Contact a GHR representative here today