All too often we procrastinate over financial decisions and panic when the event occurs. Unfortunately, this procrastination can limit our financial planning opportunities.
This is an all too common scenario for aged care. A move into aged care usually happens in a hurry, but planning can significantly help to improve the cost of age care and can also help to avoid family conflict.
You might be thinking about your own future needs, or you may be faced with making decisions for a parent or other elderly relative. Advice is a critical element of these decisions. Aged care is a growing issue for many Australians, and the right financial planning in this area can significantly reduce age care costs.
The costs for aged care are increasing, and with an ageing population, we all need to think more carefully about how we will be affected and how to access the help we need.
Planning for aged care should commence early and continue throughout your retirement. The fees to enter a residential aged care service tend to be significant amounts that require careful planning ahead of time.
Thinking ahead can give you (or older relatives) the following benefits:
- Reductions in ongoing care costs
- Better options for funding entry costs
- An improved impact on age pension entitlements
- Better estate planning outcomes