Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

Australians should manage their aged care needs

HLB-Mann-Judd/financial-planning/aged-care/melinda-measday/retirement/

6 December 2018
| By Oksana Patron |
image
image image
expand image

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.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

1 week 6 days ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

2 weeks 6 days ago

So we are now underwriting criminal scams?...

6 months 3 weeks ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

2 weeks ago

A professional year supervisor has been banned for five years after advice provided by his provisional relevant provider was deemed to be inappropriate, the first time th...

3 weeks 6 days ago

WT Financial’s Keith Cullen is eager for its Hubco initiative to see advice firms under its licence trade at multiples which are catching up to those UK and US financial ...

2 weeks 4 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
3