Australians should manage their aged care needs
Most Australians would choose not to enter care, however often the decision is not left up to them, according to HLB Mann Judd Sydney.
Therefore, people should minimise the risk of being put in this situation, with a bit of preparation, the firm warned.
According to HLB Mann Judd Sydney’s wealth management director, Melinda Measday, one of the things that families could do to help manage this situation is to communicate with family members and make a plan in case of illness or a fall.
“Talk to friends and find out if they have personal experience with any homes and can recommend somewhere. Ask elderly parents if they have any preferences or wishes,” she said.
Measday also reminded that it was possible to organise an Aged Care Assessment Team (ACAT) assessment while still at home, which could help people work out whether they were eligible for support such as a home care package or residential respite care.
People should also visit aged care facilities to review what they offer and how they operate, and determine which facility would be preferred.
“For those who think it is likely that they, or their parent, will need care in the future, but who would strongly prefer to remain in their own home, consider getting a grandchild or uni student to live in the house, or even a family friend so there is overnight support if needed,” Measday said.
“Overall, the best approach is to seek help early, and keep the lines of communication open so that everyone involved is prepared, and knows what is expected of them if the worst happens.”
AUTHOR
Oksana Patron
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
