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30 January 2022

4 Essential Tips When Planning Your Future Aged Care Needs


It’s never too early to start planning your future aged care needs. The earlier you start, the more time you have to prepare to live out your golden years with peace of mind knowing you will be stable and supported. 

Planning for your aged care usually involves organising your legal and financial affairs and establishing what care options you have available within your area of retirement. 

Aged care financial planning involves making future health, housing and legal decisions. 

Some of the most important steps when planning for life in aged care include making sure:

  • You receive the assistance you require if you’re unable to take care of yourself.
  • Your family understands how you want to be cared for in the case of a severe illness or disability. 
  • Your Will specifies what should be done with your estate and assets.

It may be important for you to establish preparations ahead of time to protect your interests if you become extremely ill or wounded and cannot make decisions about your care.

Talking to your family about what you want and need during your later years of life is important. When you have this discussion, it’s beneficial to talk about what aged care services you may need and how that fits within your budget, needs and capabilities.

An aged care financial planner can help you financially plan for your aged care strategy within your budget.

Here are 4 essential things to consider when it comes to planning your future aged care needs:

1. Consider Assessing Your Current Financial Situation

When you’re in retirement and considering aged care options, it’s an excellent idea to organise your finances.

Many aged care options are more expensive than you would expect meaning it’s earlier to start saving or planning for payment solutions earlier rather than later. 

To ensure your finances are on track to meeting your aged care needs and assist you in handling your finances, it may be worthwhile to speak to a personal financial adviser to ensure that everything is in check. This way, managing your finances may become easier, and with that, you can manage the finances required for aged care. 

It’s important to ensure you have a good grasp of the expected aged care expenses and have an effective roadmap in place that can help you navigate the expected expenses as you reach your later years in retirement. 

2. Finalise Your Personal Matters

You might want to put other personal affairs to rest as well. You may choose to visit a particular location with friends, make specific wishes for your funeral or even plan that one last trip to Italy.

Regardless of your preferences, you may want to discuss these desires with your family and friends. From there, you may be able to make them happen if you work together.

3. Appoint Someone to Make Decisions For You

Another approach to plan for your future is to select someone to make choices for you if you become unable to do so yourself. This is also part of the estate planning process that we help our clients with. 

There are many types of legal appointments that confer decision-making authority:

  • Medical Power of Attorney – capable of managing your medical requirements
  • Power of Attorney – can handle your finances
  • Enduring Power of Guardianship – can determine personal, lifestyle and treatment decisions on your behalf should you ever become incapable of making such decisions yourself.

4. Think About What Aged Care Option Suits You

There are various care assistance and housing options available today. 

It’s important for you to know that the choice will solely depend on your preferences, health, age, financial health, and the level of care you may require.  

  • Home Care: This service allows you to remain in your homes and maintain independence, while also assisting you with keeping up with the essential daily home chores.
  • Retirement Villages or Assisted Living Communities: These services provide living arrangements that meet independent and dependent individuals.
  • Aged Care Facilities: If you can’t live independently, or want to take the pressure of yourself,  aged care may be an option worth exploring.

An excellent way to establish what your aged care options are is through the Aged Care Assessment Service (ACAS). You may want to consider booking an aged care assessment as soon as possible, as there could be possible waitlists for certain services or eligibility requirements you may have to meet.

Booking an aged care assessment can also help you decide how much home care you may need in the future and help determine if an income-tested fee would apply to you.

Early preparation and solid advice on advanced aged care planning can help you and your family minimise stress as you age. Speak with a financial adviser for additional information.

Working with a financial planner can provide you with the most up-to-date information regarding aged care in Australia, that is relevant to your financial situation.

Work with a Sydney Aged Care Financial Planning Specialist

If you’re looking for help with your aged care planning in North Shore, Sydney, our team of financial advisers at Hyland Financial Planning (HFP) can help! 

Our service is founded on the desire to improve the lives of our clients with strategic planning, wealth creation and ultimately – wealth success, leaving nothing to chance. 

Please take the next step and secure your financial future by booking a 15-minute call with us today!

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Hyland Financial Planning provide expert advice across the Lower North Shore area, Hornsby and Sydney CBD to talk to an expert in retirement planning, financial advice or how to get the most from your super book a meeting at one of our convenient offices.

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