When you’re at that stage of life where you are considering moving into an aged care home there can often be a lot of information to digest. Knowing who to speak to and getting the right kind of financial advice is really important. Catholic Healthcare spoke with Eric Hiam, director of Balance Retirement & Aged Care Specialists to discuss some common questions about financial planning for moving into an aged care home.
Can I actually afford to move into an aged care home? What are the main considerations?
BRACS: Everyone can afford aged care as the government subsidises aged care quite heavily, however, you may need to consider that some aged care homes are more expensive than others. It essentially comes down to selecting a home within your budget and then working out the best way to pay for it. There will be many options available and you will need to go through the process of working out which option is better for you financially.
What are some of my options regarding selling, or keeping my home?
BRACS: You have a number of different options. You can:
- Keep your home: You never have to sell your home to move into aged care. Keeping your home is a common objective for many clients. You will just need to obtain specific financial advice on how to pay for your aged care and keep your home at the same time.
- Sell your home: You do have the option to sell your home (and other assets) in order to pay the lump sum for accommodation. This will save you paying interest, but it may also increase other costs.
- Rent your home: Renting your home is a great option for some people, as it may allow you to retain more pension and will help keep the means-tested fee down.
What are some of the lifestyle benefits of moving into an aged care home?
BRACS: Many homes offer a supportive community with lifestyle programs on offer. There are a myriad of social activities and programs run which can support your preferences and level of mobility. Another benefit is having specialised menus and freshly cooked meals. There is often access to support from physiotherapists, visiting allied health professionals such as podiatrists, dieticians and dentists and occupational therapists.
What types of aged care providers are there to choose from and what are the benefits of each?
BRACS: There are a myriad of options out there, whether you want to opt for a non-for-profit aged care provider, private provider or government provider. Each provider offers different types and levels of support including home support, respite care and residential aged care. Your financial adviser can explain the differences, your available options and what this means for you and your finances.
Can you explain the different types of care options?
BRACS: Many providers offer a range of care options including permanent care, respite care, palliative care, dementia support through to ageing-in-place.
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If you would like to know more about “Ageing Well” then come to our Ageing Well Masterclass series to be held from 16 March. This series of five masterclasses will include the topics - Social Connection and Wellbeing, Physical Wellbeing, Navigating Aged Care, Financial Planning for Retirement and Beyond and Ageing Gracefully/Living Fruitfully. Come along for the Financial Planning session, see details below.
Visit to register for your preferred location in Liverpool, Haberfield or Lidcombe.