20 June 2019

How to help ageing parents choose the best living arrangements

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By Michael Rambaldini

Director | Certified Financial Planner | Aged Care Professional

We care deeply about our parents. Their welfare is more than just a social responsibility. It’s about respect and dignity, especially as they age.  Part of this phase in their lives is to help them secure a comfortable location to spend their remaining years.

It’s a complex process, so where do we begin?

Unfortunately, decisions surrounding living arrangements for older parents are often hastily made. It could be because of an accident, injury or ‘incident’ that has prompted family members to make quick decisions on behalf of their ageing parents.

These hurried decisions must be avoided if possible as in many cases may not be the best outcome for your parents. Tell me, how long do you plan before you decide to move home, state or country?

Ample planning and preparation is the best thing you can do so that proper care and better living conditions can be achieved for your ageing parents.

Home Care, Residential Aged Care or Retirement Living?

If you and your older parents opt for Home Care, don’t delay to start the required assessment process. An Aged Care Assessment Team (ACAT) will need to come and assess your parents. This assessment is highly important so that the level of government funded services will be made available for your ageing parents. The earlier this assessment is done, the better.

For residential aged care or nursing homes, there are three types of costs payable. A basic daily care fee covers meals. An amount of deposit is required to pay for the accommodation, this is refundable when the resident leaves or it goes to their estate. A means tested fee is payable to subsidise government support depending on assets. Other expenses may also need to be paid depending on services provided.

Another option is a retirement village. These are mostly managed under state and territory and so it has different rules. But the main point for these villages is that the lease/purchase prices can be higher compared to residential aged care.

Overall, making an informed decision for the well-being of our parents is complicated and tough for each family facing this life changing situation.

However, you should not feel that you are alone in this because Professional Aged Care Advisers can help assess the needs of your parents and can provide clarity to help you make the best decisions. As an experienced Aged Care Adviser, I can help unload the burden of these important lifestyle decisions.

For more in-depth knowledge about Aged Care, please visit our website at www.verante.com.au

Verante Pty Ltd is a Corporate Authorised Representative of Viridian Select Pty Ltd, ABN 41 621 447 345, AFSL 515762. This information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information consider its appropriateness, having regard to your objectives, financial situation and needs.