AGED care is changing next year. To understand the changes and subsequent impacts, we asked accredited aged care professional Myles Martin from OzPlan Financial Services at MB+M what families considering aged care should give thought to.
What planning is required to move into residential aged care?
Early planning and good advice can minimise the stress for everyone. Getting older is one of life’s harshest realities, and you will be faced with many personal and financial decisions. Aged care professionals exist to help make the journey as smooth as possible through tough and emotional decisions.
Can our family afford to enter residential aged care?
The aged care sector and the fees associated are extremely complex. Are you eligible for government subsidies? If mum and dad both need to enter residential care, is it best to enter at the same time? What should you do with the family home? There are so many variables that you can easily lose money and create more stress if you tackle it alone. Having an accredited aged care professional on your side takes the guesswork out.
What are the new aged care reforms? Does it affect me?
The reforms come into place on July 1, 2025, for new residents entering aged care. Most likely, you will be required to pay more for care. Therefore, it’s crucial you seek professional advice to understand the impact of these changes, such as the room price cap, and 10 per cent retention being applied to RADs (if over five years).
If you require further information, please visit MB+M at 120 Nixon Street, call 5821 9177 or email us: mbmozplan@mbmgroup.com.au
This column contains general advice only and does not take into account the needs, objectives and situation of any individual. You should consult with a licensed financial advisor and consider obtaining personal financial advice prior to making any decisions about aged care.
