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.”
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.