14 Nov Why Aged Care Financial Planning Is Important
Aged care financial planning can help provide certainty and peace of mind in an uncertain and transitional time. Many elderly people find the process of accessing care arrangements overwhelming. It can be easy to make the wrong decision based on misinformation or a lack of information which is why it’s helpful to get guidance support from an aged care financial planning service.
These services can assist with helping you to understand the fees associated with moving into a facility or accessing at-home care and can help you look at the overall impact on your estate. They will look at the picture of your financial situation and come up with solutions that suit your budget and lifestyle. An aged care financial planning service can also walk you through what to expect and help you to manage some of the emotion out of making decisions relating to your care, or the care of a parent. Here’s what you should know:
You need to think about
By the age of 65 people have a very high likelihood of needing some kind of care facility at some point in their life, and it’s important to start thinking about it. The cost of accommodation and care is rising, and aged care financial planning early on can help to make sure that you’re ready and that the costs don’t fall on your family. Aged care financial planning can help to improve your finances and help to ensure that you are kept comfortable and that your interests are looked after. Speaking to a planner helps to put you in control, rather than leaving things up to your loved ones or chance.
Procrastinating over this particular area of your life is not a good idea as it can impact your quality of life in the future and limit your options.
Speaking to an aged care planning service can help you to make informed decisions.
What they’ll help you understand
A planner can help you to understand the potential costs involved with different providers and what it might mean for your financial situation. They’ll be able to work with you on making decisions like whether or not you should sell your home and help you to develop strategies around making the most out of government benefits or investing your assets. They will work with you to ensure that you properly understand the implications of your decisions and will help you to deal with your estate planning. These are challenging things to think about and having a specialist talk to you about them can make it a much smoother process. They have the experience to provide you with knowledgeable advice and can save you a lot of time and stress in having to research potential providers or sift through your finances to work out what decisions to make.
If you’re retired or getting older then it may be time to contact a service to begin working on what you want to do in the future.
How do I find a planner?
There are many different planning services available. If you have friends or family who are retired as well then check in with them to see if they have anyone they recommend. If not speak to other professionals you trust or start with reaching out to planners in your area to see if they can offer a complimentary consultation, this will help you to decide if you feel comfortable with them and if you feel like they are the right person to provide you with information and advice relating to care.