Aged care is a very serious matter and when the time comes to find the right aged care for your parents, there are some serious questions that need to be asked.
As you would expect, it is normal for your parents to want to live at home for as long as possible. However, once they can no longer care for themselves, you will need to consider moving them to an aged care facility. Each facility is different and each may have a waiting list from a few weeks to a few months. You can obtain assistance from the Aged Care Assessment Team (ACAT) to help determine your parent’s eligibility for residential aged care. The costs depend upon what service you wish your parents to have, the provider themselves and your ability to pay.
When you have found the right facility, you may be asked to pay:
- an accommodation payment in the form of a Refundable Accommodation Deposit (RAD) and Daily Accommodation Payment (DAP) to help meet the maintenance costs of the facility;
- a basic daily care fee for your living expenses;
- a means-tested care fee which is a contribution towards the cost of care.
Talk to your parents about their options for residential aged care before their health fails. We have seen many instances where parents are prepared to risk their health to keep their independence. It makes sense to discuss this before it becomes urgent. It allows time for all parties to consider options and to make the transition for your parents more comfortable.
Crosby Dalwood Pty Ltd ABN 30 132 317 876 provides financial planning services provided as an Authorised Representative of Count. ‘Count’ and Count Wealth Accountants® are the trading names of Count Financial Limited, ABN 19 001 974 625 Australian Financial Services Licence Holder Number 227232 (‘Count’) which is 85% owned by CountPlus Limited ABN 111 26 990 832 (CountPlus) of Level 17, 1 Margaret Street, Sydney 2000 NSW and 15% owned by Count Member Firm Pty Ltd ACN 633 983 490 of Level 17, 1 Margaret Street, Sydney 2000 NSW. CountPlus is listed on the Australian Stock Exchange. Count Member Firm Pty Ltd is owned by Count Member Firm DT Pty Ltd ACN 633 956 073 which holds the assets under a discretionary trust for certain beneficiaries including potentially some corporate authorised representatives of Count Financial Ltd. The information on this web page is not advice and is intended to provide general information only. It does not take into account your individual needs, objectives or personal circumstances. Count is a Professional Partner of the Financial Planning Association of Australia Limited.
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