For many elderly adults, there eventually comes a time when some sort of aged care is necessary. Depending on the health and mobility of the patient, that care might take the form of an in-home caregiver, an assisted living community, a respite care centre to get over an injury, or a nursing home. It is so common for older adults to require some type of care that many people do not at first realise the steep costs that aged care can have. At Sydney Aged Care Financial Advisers (SACFA), though, we provide aged care financial services in the Hills District of Sydney that are designed to help individuals and families plan for these substantial costs.
Understanding the Costs of Aged Care
Let’s say that you are shopping for an aged care option for a parent or grandparent. Your dad or grandpa recently had a grease fire in his home, and you’re worried that he is reaching the age where he should no longer live at home without some form of assistance. You are considering assisted living as an option. However, as you start looking for a suitable facility, you come to a startling revelation: the accommodation payments due for most of the top facilities land somewhere between $450,000 and $550,000.
Indeed, aged care can easily end up costing as much as a house. Figuring out how to finance this expense is a source of immense stress for the families of individuals who require aged care. Many families assume they will need to sell the family home to pay for aged care, or that they will have to take out loans to cover the expenses.
In reality, there are many potential options. In a lot of situations, it’s even possible to maintain ownership of a loved one’s home and get them the aged care they need. In fact, this option might even be preferable—especially if the residence in question can be turned into a rental to generate an income.
At SACFA, our job is to help families like yours with aged care financial planning in the Hills District. We will explore a range of options, including selling or renting out the home, age pension entitlements, loans and Government-funded aged care services. Working with you and your loved one(s), we can determine not only the best aged care solution but also the smartest long term financial plan.
Sit Down with us Today to Discuss Your Aged Care Financial Planning in the Hills District
As your aged care financial advisers in the Hills District, our team at SACFA will do everything possible to save you and your family money while also ensuring high quality care. The laws surrounding aged care finance are quite complex—to the point where even families that can afford the steep costs of aged care should still sit down with financial planners to search for savings. To get aged care financial advice in the Hills District from SACFA, give us a call today.