Aged Care

Aged Care

I have been specialising in Aged Care for the past 7 years and have seen over 500 families move into Aged Care.  Please give me a call if you would like to discuss your situation and I can answer any general questions you may have.

The move into aged care is a very difficult time for the family.  It is normal to be stressed and overwhelmed with what to do and what’s best for Mum and/or Dad both financially and personally.  Usually it is the responsibility of one family member to organise the move into care and it is normal for other siblings to have differing opinions on what is best.  Below is a couple of the “tips and tricks” for moving into Aged Care.

Tip One – Be prepared
Over the years I’ve seen a lot of cases where Mum and/or Dad has had a fall in the home and has needed to be hospitalised.  In these cases the hospital is very reluctant to release Mum and/or Dad home and may ask you to nominate a short list of Aged Care facilities to release them to.  Hospitals are generally at full capacity and will want to free up a bed very quickly (can be within a week).  So the pressure is on.  Those people who have already looked at an Aged Care facility or have spoken to the family about this are a lot more prepared.

Tip Two – Call a meeting
If possible, call a meeting with the family and invite a professional with experience in Aged Care to this meeting.  This way the family can discuss what is best for Mum and/or Dad and the professional can talk to you about the rules and regulations that fit specially into your situation.

Tip Three – Finding a facility
There are two ways to find a suitable Aged Care facility.  The first is to take the time to call and organise appointments with facilities to have a look at them.  The second is to speak to a placement consultant about a suitable facility.  A placement consultant will know a large number of Aged Care facilities, which ones are full, what they offer and match up a short list for you with the features that are important to the family.  I have a lot of experience in Aged Care and know most of the facilities in Brisbane, but personally I would still engage a placement consultant for my family. However, as with any industry there are good and not so good placement consultants.

Tip Four – Finances
There was a large over-hall to the Age Care system in July 2014.  This has made it difficult for facilities and new residents to learn and administer the new rules.  The government has a lot of information on their website at http://www.myagedcare.gov.au/ about the different fees and charges.  If you would like more information about the fees and charges please give me a call.

The main cost that a facility will talk to you about is there Refundable Accommodation Deposit (RAD).  This cost is generally in the hundreds of thousands and is fully refundable when the resident leaves the facility.  What I’m finding at the moment is that some facilities are offering to give you a discount if you pay the Refundable Accommodation Deposit (RAD) at the date of entry.  It’s worthwhile asking the facility if they offer this.

Scott Quinlan
Principal/Financial Adviser
Masters of Financial Planning
Bachelor of Commerce
CFP®

Stephen