With Australia’s ageing population and increasing life expectancies, the number of older Australians is expected to double over the next 20 years.
Whilst this is great news, it also means more of us will require some form of aged care.
Moving into aged care will become an important consideration for a growing number of Australians, considering there are around 1 million older Australians currently accessing aged care or support services.
Before moving into aged care, your medical needs will be assessed by an accredited doctor, nurse or social worker to determine which level of care you require.
The costs can be expensive and complex.
Generally, costs will include an upfront accommodation bond or charge as well as ongoing costs such as a basic daily fee, income tested fee and extra service fee. There may also be a significant impact on social security entitlements.
Moving into aged care for either you or a family member requires careful planning from a financial perspective. Should you sell the family home to pay the accommodation bond? Or, perhaps invest in income producing assets to fund ongoing costs? A financial adviser can help you and your family with these decisions should the time come to make the move into aged care.
General Advice Warning The advice on this site may not be suitable to you because it contains general advice that has not been tailored to your personal circumstances. Please seek personal financial, tax and/or legal advice prior to acting on this information.
Westlawn Wealth Management Pty Ltd ABN 32 124 861 409, Authorised Representatives of GWM Adviser Services Limited ABN 96 002 071 749, Australian Financial Services Licensee, 105 -153 Miller Street North Sydney NSW 2060.