Keep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get in touch with your advisor before taking any action on the below points so they can advise on the appropriateness of this for you.
Taking care to ensure that you are prepared for now and for the future is important. When preparing for residential aged care, Morrows understands that there are many elements involved in this process. However, following these five rules when planning for aged care will aid in achieving the optimum outcome.
When planning, having an open discussion with your family is the first step to an effective decision-making process, and will be imperative in making choices that suit your individual needs.
Aged care help can be accessed in your home or in a residential service, so help you decide which option is best, you can arrange a free assessment by our Aged Care Assessment Team/Service (ACAT/ ACAS).
Searching for services
Morrows encourages you to consider where you would like to live with everything that is important to you in mind. Once you have made a decision, make sure to have your family check what fees will be required for accommodation to ensure it is affordable for you.
Understanding and covering the costs
When you are changing your circumstances, it’s important to understand how this may affect you when moving into aged care.
You may need to review your statements, such as your will, various investments with ‘death’ benefit’ nominations, and ensuring that you have the necessary safeguards to ensure that someone you trust can make decisions on your behalf. There may also be additional daily care fees, and additional service fees.
Estate planning and moving
When you accept a place in an aged care facility or use a service to accommodate residential in-home aged care you will be asked to sign a Resident Agreement. This will detail the services provided and fees payable. It will also outline your rights and obligations which are important to consider should any part of your circumstances change.
Working together with your family and a Morrows advisor through these 5 rules will help to make the transition easy and smooth for you.