By Alan Lake, CFP© CPA(FPS) ACS SSA BComm DipFP
Aged Care Specialist, Soundbridge Financial Services
A friend or a family member has reached that stage in their life where they just can’t cope on their own anymore. They’ve been getting help and you have been doing what you can. But the time has come……
Apart from the emotional strain of this decision, you have little or no idea of the costs. How do we pay for the Residential Aged Care fees? What are the fees? What do we do with their existing home? Keep it? Rent it? Sell it? Will they get/keep/lose their Age Pension? What if I get it wrong?
Where do I go for help?
Many people rely on the internet and the advice of their friends and family. Sometimes that works. Often it doesn’t.
Fortunately, there’s another way….
Where do I start?
You can’t just turn up at the Aged Care facility (we don’t call them nursing homes anymore) and check in. Residential Aged Care is expensive and is very heavily subsidised by the Federal Government. And the government wants to know that someone actually needs the care the facility provides. Note, there are some completely privately run facilities that don’t receive any government funding. These facilities will be the subject of a separate article sometime soon – watch this space!
Your loved one will need an assessment – an ACAT test – performed by the Aged Care Assessment Team. You can book in via www.myagedcare.gov.au or by calling 1800 200 422.
Do this as soon as you can. The assessments are free, there may be a waiting list before you can get it done, and the outcome doesn’t expire.
With your ACAT assessment done, you can choose the Residential Aged Care facility. Look around. Some are run by not-for-profits (churches and other similar organisations), whilst others are run as commercial enterprises. Ask them about the different types of rooms – private with own ensuite, private with shared ensuite, shared rooms etc. Ask them about meals and activities. Look for a facility that has a coffee shop (for when you visit) and an in-house hairdresser. Be sure to ask them for their costs brochure and ask about their waiting lists. Importantly, find a facility that is convenient for you when you want to visit.
Sources:
www.health.gov.au – schedule-of-fees-and-charges-for-residential-and-home-care-schedule-from-20-september-2021.pdf
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Soundbridge Pty Ltd (ABN 40 151 134 146) is a representative of AFTA Pty Ltd (ABN 18 624 984 550), Australian Financial Services License (507423), Registered office at 166 Quay Street, Rockhampton QLD 4700. Any advice on this website is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information.