Life will throw us unexpected curve balls when we least expect them. This was the reality for David and Erica, a recently retired couple, when their dream sea-change ended up being turned upside down and inside out, highlighting the importance of advance care planning.
When Life Changes in an Instant
David and Erica had looked forward to their retirement years. They were fit, active and excited about their future plans to move to the coast. But their world changed dramatically when David had a stroke and was left unable to walk or speak.
David, once a strong and independent man, now required 24/7 care. His medical team recommended either moving to an aged care facility or arranging for in-home care services. It was a decision that needed to be made quickly but one they had never discussed in 25 years of marriage. David’s stroke may have also affected his cognitive impairment and decision making capacity and so the decision making for his care was even more complicated.
The Burden of Uninformed Decisions
For Erica this was not only emotionally distressing but overwhelming. Without knowing what David wanted she had to make decisions alone:
- What type of care would David have wanted?
- Should she put him in an aged care facility or in-home care?
- How would these decisions affect their finances?
Having an advance care directive would have given her clarity and guidance.
Like many in similar situations, Erica was confused by common misconceptions about aged care. She thought selling their family home was the only way to afford proper care for David. A well meaning friend even suggested giving away assets to reduce aged care fees – advice that only added to her stress.
Aged Care Services
Aged care services are designed to support older Australians who require assistance with daily living tasks such as bathing, dressing and managing medications. These services can be delivered in various settings, including residential aged care facilities, community care and home care. Understanding the different types of aged care services is key to making informed decisions about care and support. Residential aged care services provide 24/7 care and support in a facility so that all medical and personal needs are met. These facilities can cater for a range of care needs from basic to specialist care for conditions like dementia. Community care services offer support in the comfort of your own home so you can maintain your independence while getting the help you need. Home care services can include assistance with daily living tasks such as cleaning, cooking and personal care tailored to your specific needs.
By understanding these different aspects of aged care services you can make informed decisions that suit your or your loved one’s needs. This knowledge empowers you to choose the right type of care and support so you can have a better quality of life.
Professional Guidance
Luckily David’s doctor referred Erica to Shirley, an aged care specialist who became her guiding light. Shirley explained the myths around aged care funding and told Erica that selling their home wasn’t necessary. She introduced Erica to various government supported aged care services and subsidies and explained the options available for David’s specific needs. Shirley also explained the importance of advance care planning and how it would benefit David’s care.
Aged Care Financial Advice and Support
Navigating the financial side of aged care can be overwhelming but aged care financial advice and support is critical to making informed decisions. Aged care financial advisors can guide you on the costs of aged care, including accommodation costs, care fees and other expenses. They can also help with retirement planning, wealth management and superannuation.
Understanding the different types of aged care fees is key. These include the basic daily fee which covers day to day living costs, the means tested care fee which is based on your income and assets and the accommodation payment which covers the cost of your room. Aged care financial advisors can help you navigate these fees and explore options for accessing government subsidies and other forms of financial support.
Seeking aged care financial advice means you can plan ahead in time so you are financially ready for anything. This proactive approach can reduce financial stress and allow you to focus on what really matters – the care and well-being of your loved ones.
Looking Ahead: Don’t Wait Until It’s Needed
This experience teaches us a valuable lesson: aged care planning shouldn’t wait until it’s needed. By researching and deciding early, you can:
- Stay in control of your future care choices
- Reduce the stress on your loved ones
- Make decisions without time pressure
- Understand the financial implications and options
Advance care planning helps you stay in control of future care choices and reduce the stress on loved ones by providing clear guidance and resources for aged care providers to have these important conversations.
Navigating Aged Care
Navigating aged care can be complicated and overwhelming, especially if you’re new to it. You need to understand the different types of aged care services, the costs associated with each service and the eligibility criteria for government subsidies.
Aged care providers can offer valuable guidance and support to help you navigate the system. They can provide detailed information on the various aged care services, the costs and the eligibility criteria for government subsidies. They can also assist with the application process and support throughout the care journey.
By leveraging the expertise of aged care providers, you can make informed decisions and ensure you or your loved one gets the right care and support. This support makes the whole process more manageable and less stressful so you can focus on your family members.
Choosing the Right Aged Care Provider
Choosing the right aged care provider is a big decision that requires thought. Research different providers, read reviews and ask questions so the provider meets the individual’s needs and preferences.
When evaluating aged care providers look for those accredited by the Australian Government and meeting the standards of the Aged Care Quality and Safety Commission. Accreditation means the provider meets high standards of care and safety. Also, consider the provider’s reputation, the quality of care and support they offer and their focus on consumer outcomes.
By taking the time to choose the right aged care provider, you can ensure your loved one gets high-quality care that meets their needs. This careful selection process will give you peace of mind and contribute to a better quality of life for your family member.
Action: What to Do
Whether you’re approaching retirement or already there consider these:
- Start the Conversation: Have open discussions with your family about future care preferences and wishes.
- Legal Preparations:
- Appoint medical and financial Powers of Attorney
- Ensure your Will is current
- Consider consulting an estate planner
- Financial Planning:
- Review your retirement strategy with your financial adviser
- Understand available government services and subsidies
- Plan for different care scenarios and their costs
- Research Options:
- Familiarize yourself with different levels of care available
- Understand home care packages and how they can support independence
- Know what services are available in your area
Avoiding Mistakes
Avoiding mistakes is key when navigating aged care. One mistake is not getting aged care financial advice, which can result in unexpected costs and stress. Another mistake is not understanding the types of aged care services and the costs associated with each.
Don’t delay seeking aged care either, as this can mean lack of availability and increased costs. Also, involve family and health professionals in the decision making process so the individual’s needs and preferences are met.
By being proactive and informed, you can avoid these pitfalls and have a smoother transition into aged care. This will help you make better decisions, reduce stress and get the best care for your family member.
Beyond Retirement Planning
While many of us plan for retirement, we focus on financial goals and lifestyle aspirations, but we overlook the importance of planning for aged care. This additional step in your retirement planning can make all the difference in your future quality of life and peace of mind. You need to consider cognitive impairment and decision making capacity in aged care planning to ensure comprehensive future care.
Remember help is available. Financial advisers, aged care specialists and estate planners can work together to help you create a plan that covers all your future needs.
Don’t wait for a crisis to start thinking about aged care. Take control of your future today by having these conversations and making informed decisions while you can.
For more information about aged care services and support visit My Aged Care or contact us to discuss your situation.