As the Australian population over the age of 70 increases, aged care is an issue that will be of increasing concern to a growing number of Australians. It is not just older Australians who need to understand how aged care works – anyone with aging parents may find themselves having to understand a complex system at very short notice.
The stress of entering aged care can be considerable and this isn’t helped by the overwhelming range of facilities on offer and the complexity of funding arrangements. The emotional upheaval on all parties can be eased by early planning and open discussion within families. And although this may be a difficult topic to talk about, planning for aged care is a wise course of action.
The government provides substantial assistance with the costs of aged care, and eligibility for government support is determined by the Aged Care Assessment Team (ACAT). Aside from making an assessment of the need and level of care required, the ACAT may also be able to assist in finding an appropriate place.
Types of fees
In most cases a contribution towards the costs of aged care is also required. Contributions vary and depend upon income, assets and pensioner status. Fees include daily care fees, means tested fees, and accommodation fee.
How we can help you
Seeking advice before making a decision about aged care is important due to the options available, the complexities and the financial implications that need to be considered. We can help you navigate the complexities and efficiently manage and plan for you or your family’s aged care needs.
Arco Advisers are also proud members of the BUPA Aged Care Financial Services Guidance Panel.