Essentials of aged care planning

An Aged Care Specialist Adviser’s top four tips

Whether you’re organising aged care for a loved one or pre-planning for yourself, the whole process can seem overwhelming. Prioritising the essential tasks and beginning preparation early will ensure that you have everything in place to make the transition into aged care as smooth and stress-free as possible. Ready to begin planning for aged care? Here’s where we recommend you start:

1 . Get ACAT Approved

Your ACAT approval is your ‘ticket to the concert’ so to speak. If you don’t have one, you can’t get in! In order to qualify for subsidised residential aged care, the Aged Care Assessment Team (ACAT) will need to assess your eligibility. Once you have ACAT approval for permanent residential care, it does not expire. For more information on ACAT approval, visit: www.myagecarecare.com.au.

2. Have an Enduring Power of Attorney (EPA) in place

Without a valid Enduring Power of Attorney, family members are not permitted to make health or financial decisions on behalf of their loved ones. Organising an EPA once someone has lost capacity is a logistical nightmare that requires an application to the Queensland Civil and Administrative Tribunal, a process that can take months. Appointing an EPA while a person still has capacity is a much easier path and a decision that your family members will thank you for in the future.

3. Ensure asset information is easily accessible

Understanding your investments and having documentation of your assets on hand is essential when it comes to completing the Services Australia Income and Asset Assessment, the form that determines aged care fees. Ensuring that you have access to the balances of all investments will speed up the paperwork process for you or your adviser.

4. Employ a professional to handle the finances

Aged care is affordable to everyone, you may just need the help of an expert to show you how. Australian Aged Care legislation is complex and in-depth knowledge of not only the legislation but of superannuation and estate planning is often necessary to develop the best possible Aged care funding strategy for your individual situation. Employing a specialist in this field will save you time, money and give you the confidence to make informed decisions about your aged care choices.

With a little preparation and support from the right professionals, families of those entering aged care can avoid a lot of stress. This allows them to focus on what is important, being with their loved ones, during what is often an emotional time.

Sage Care Advice is the Sunshine Coast’s leading aged care financial planning firm. For more information on the aged care process, call 07 5322 5333 to book your cost and obligation-free appointment or head to sagecareadvice.com.au and download your step-by-step guide to aged care.

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