If you were asked about how you want to live the last years of your life, what would you say?
Would you like to live your life to the fullest, travel the world, or spend more time with your grandchildren? We usually have everything planned out when it comes to our advanced years but have we thought about how we want to die? This always comes as an uncomfortable topic, however it doesn’t mean we should not confront the idea. Everyone deserves to have a good quality of life and so it also goes with dying. Living and dying well should be a priority for us to enjoy our journey to better aged years.
A recent report published by the Grattan Institute titled Dying Well highlights some interesting findings:
- 70% of Australians want to die at home
- Only 14% are granted that wish and actually die at home
- A majority of 54% die in the hospitals
- 32% die in residential care
The report proposes a widespread adoption of more advanced care plans to help people die in the comfort of their home, surrounded by their loved ones and effective services. According to ‘Dying Well’, “a good death gives people dignity, choice and support to address their physical, personal, psychological, social and spiritual needs.”
In countries like the United States, New Zealand, Ireland, and France, more people are given the chance to die at home. It is twice as high as the Australian rate. It will cost the Australian government $237 million a year to double the rate and support more Australians to die at home. Even if the rate doubles it will only reach about 28%, which means the other 72% will still die elsewhere.
But if you plan ahead now, where you will die is actually something you can often control. It’s your choice. Planning your finances well will largely determine where you will spend the last of your aged years. Getting financial advice to plan early is important if you want to have a good quality of life.
The controversial report by the Grattan Institute is gaining attention because, although many are reluctant to face it, ‘Dying Well’ is everyone’s dream. Sometimes it’s just too much to ask when the family is caught up with fees and costs of hospitals or residential aged care. Instead of enjoying the last years of their life, often an elderly person experiences negativity and feels a kind of disconnect from loved ones, doctors or health care providers. It’s a sad scenario to think about, but in many cases we can absolutely turn things in our favor if we want to.
According to the former federal health department chief Stephen Duckett, every 75 year old needs to sign a plan that will inform the doctors and family members on how they want to die. Early on, while you are still younger, you need to find ways to fund that plan. Having professional aged care financial planning advice is your first step in preparing for your advanced years. Having someone to plan your finances takes out the unnecessary worry and burden from you and your family. Wouldn’t it be nice to grow old without a care in the world? And when your time comes, you can die peacefully in the comfort of your own home, surrounded by your loved ones.
Here at Sydney Aged Care Financial Advisers, we offer a holistic approach when dealing with your aged care financial planning. We make sure that we understand your needs and create a tailored financial plan that suits you. These are the benefits that our clients enjoy:
- A clear path forward
- Avoidance of costly mistakes
- Savings on aged care fees
- Improved cash-flow
- Better nursing home/higher standard of care
- Peace of mind
If you wish to talk to one of our advisers, please don’t hesitate to call us at 1300 659 677 or e-mail.
Regards, Phil
