E15 Issues and Costs of a Move into an Age Care Facility

09/15/23 • 14 min

Part 3 of our series about Retirement Living options

What are the Issues and Costs of a Move into an Age Care Facility

We understand and acknowledge this is or can be an emotional topic. Both Jacqui and Ingrid have been through this with their parents - so we understand completely

You may have read and heard about residential age care in the media.

Most people are quite resistant to going into care.

However there are a lot of really good age care homes in Australia with very caring dedicated staff.

If people are on their own at home and not managing they are often not getting the correct medical care, likely not eating properly or maybe not looking after themselves as well as they had been when they were younger.

Older people are also very susceptible to having a fall or a medical event and no one being notified to get them help.

We talk about: How do you find a suitable age care facility?

and

What are the fees involved? Jacqui explains:

There are 3 different fees payable, sometimes 4 as some facilities have an extra services fee for things like wine with dinner, better meals, streaming services etc.

In this episode we give an overview of the 3 main fees and how they are calculated

This is an important episode if you are in a situation where you have a loved one who is reaching the stage of considering Aged Care.

We understand and acknowledge this is an emotional topic. Both Jacqui and Ingrid have been through this with their parents

Access My Aged Care - click here

Financial Disclaimer:

We need to make it super clear though that we will NOT be providing personal financial advice to listeners, but just providing general advice on these topics based on our knowledge and experience.

Part 3 of our series about Retirement Living options

What are the Issues and Costs of a Move into an Age Care Facility

We understand and acknowledge this is or can be an emotional topic. Both Jacqui and Ingrid have been through this with their parents - so we understand completely

You may have read and heard about residential age care in the media.

Most people are quite resistant to going into care.

However there are a lot of really good age care homes in Australia with very caring dedicated staff.

Older people are also very susceptible to having a fall or a medical event and no one being notified to get them help.

We talk about: How do you find a suitable age care facility?

and

What are the fees involved? Jacqui explains:

There are 3 different fees payable, sometimes 4 as some facilities have an extra services fee for things like wine with dinner, better meals, streaming services etc.

In this episode we give an overview of the 3 main fees and how they are calculated

This is an important episode if you are in a situation where you have a loved one who is reaching the stage of considering Aged Care.

We understand and acknowledge this is an emotional topic. Both Jacqui and Ingrid have been through this with their parents

Access My Aged Care - click here

Financial Disclaimer:

We need to make it super clear though that we will NOT be providing personal financial advice to listeners, but just providing general advice on these topics based on our knowledge and experience.

Previous Episode

E14 Estate Planning - Part 1: Things to know about Wills

Estate Planning is more than just having a will

We answer some of the following questions about Estate Planning

Why is Estate Planning important ?? and there are many reasons why Estate Planning is important

Almost 70% of women in Australia do not have their Estate Planning in place

What is a Will?

What needs to be included in your Will?

What motivates people to make their Will?

Did you know that 14% of people say "There is nothing that would encourage me to make a Will!"

We talk through what happens if you do not have a Will in place - the impact it has for the family to manage and deal with the assets of the deceased.

The courts will make the decisions about the assets and this can be time consuming - which can be avoided by having a legally documented Will

An important consideration - and probably one that most people don't want to have to think about - is what happens to your children if you die while they are still under legal age

This also applies to any vulnerable dependants that you may have

We love reviews and would appreciate if you were to leave a review and share this episode with friends and family

If you have any questions or suggestions please email us at:

[email protected]

Financial Disclaimer

We need to make it clear that we do NOT provide specific financial advice on this show, it is just general advice and discussion. If you want advice specific to your situation you need to go and see a financial adviser or financial professional.

Next Episode

E16 Estate Planning Part 2: Powers of Attorney, Enduring Guardianship and Binding Death Nominations

You have probably heard these terms and maybe wondered ... what do they actually mean? and why would I get one?

Powers of Attorney

Enduring Guardianship

Binding Death Nominations

In this episode - less than 15 minutes - we cover the basics of these 3 important aspects of effective Estate Planning

Who would you appoint?

What would they making decisions about?

and the all important - what happens if something happens and you don't have these instructions in place ??

We don't specifically talk about Wills in this episode - we covered Wills in Episode 14

If you have any questions please email us at [email protected]

And we would love if you would please leave us a review wherever you listen to your podcasts

Financial Disclaimer:

We need to make it super clear though that we will NOT be providing personal financial advice to listeners, but just providing general advice on these topics based on our knowledge and experience.