Navigating aged care options
As we near retirement, one thing that’s often overlooked is aged care options.
Even if we feel this won’t apply to us, understanding aged care options can provide peace of mind for both you and your family.
Why do we need to consider aged care options?
1. Ageing population
Australia's population is ageing, and as a result, the demand for aged care services is increasing.
2. Healthcare costs
Aged care can be expensive, and understanding the financial implications of these services is crucial for retirement planning. Failing to plan for aged care can have a significant impact on one's savings and financial security.
3. Health and mobility
As we age, our health and mobility can change. It's essential to consider potential future health needs and how these may affect daily living.
4. Quality of life
Access to appropriate aged care services can significantly impact the quality of life in retirement. Proper planning ensures that individuals can receive the care they need while maintaining independence and dignity.
How do we navigate the aged care system?
1. Start early
The best time to consider aged care options is before retirement. It’s a great time to educate yourself about the types of care available and the associated costs.
2. Understand types of care
Aged care options encompass a range of services, from in-home care to residential aged care facilities. Understanding these options and their differences is really important. Find out more here.
3. Assessment process
The government conducts assessments to determine eligibility for aged care services. Be prepared for this assessment and understand how it works.
4. Financial Considerations
Aged care costs can vary widely. Assess your financial situation and explore funding options, such as government subsidies and superannuation. Find out more here.
5. Plan for accommodation
Residential aged care often involves choosing an accommodation option. Research facilities, visit them, and understand the associated costs and waiting lists.
6. Legal and estate planning
It's essential to review and update legal documents, such as wills and powers of attorney, to ensure that aged care decisions align with your wishes.
7. Seek professional advice
Aged care planning can be complex. Talking to our super specialists can provide invaluable guidance. We can also refer you to our partner Aged Care Steps for further advice.
8. Emotional considerations
The decision to move into aged care can be emotionally challenging. It's crucial to involve family members in discussions and consider the emotional aspects of transitioning into care.
9. Stay informed
Aged care regulations and policies may change over time. Stay informed about these changes and how they might affect your aged care options.
Aged care planning is a natural part of retirement planning. By considering the potential need for aged care services, understanding the options available, and planning proactively, individuals can ensure they receive the care and support they deserve in their later years.
We’re here to help
Early planning and good advice is incredibly important and can take the stress out of your decision making.
To help provide you with confidence and peace of mind, we have partnered with caring and compassionate aged care advice professionals, Aged Care Steps. For more information on planning retirement, head to our retirement hub.
For general super enquiries, phone one of our team members on 1800 675 839 between 8am and 8pm AEST Mon-Fri or email us.