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Understanding your aged care options

When it comes to aged care it’s important to consider the type of care that will best suit you and your life stage. Whether you’re thinking about support for yourself or seeking assistance for a loved one, there are a range of options available for the type care you choose.

What our seminar covered

Whilst living in aged care can be an adjustment, it has many benefits. It can reduce stress for families knowing their loved one is close to customised care should they need it. It can also offer greater independence and promote social interaction.

The other good news is help is at hand and there are several aged care options available, ranging from comprehensive residential care to care in your own home.

At our seminar, we discussed a few aged care options which included:

  • retirement villages
  • residential aged care facilities
  • receiving care at home
  • facilities available to assist with placement.

It’s also important to think about how the care will be funded. The government may subsidise some of your aged care costs depending on your financial situation, and in addition there are personal services available on a user pays basis.

Where to from here?

The aged care system and the decisions involved are complex, both financially and emotionally, and there’s often a need to make decisions quickly. RACQ Financial Planning can help you understand and make the right decisions about your aged care options.

We put you in the centre of everything we do, and we’ll get an understanding of your current situation before we provide advice. Some things we’ll consider together, include:

  • what type of care do you need?
  • how will your choice affect your age pension and Centrelink entitlements?
  • do you need to sell the family home or should you keep it and rent it out?
  • how will it affect your estate plan?
To find out more, or to arrange a chat with one of our advisors, please call the RACQ Financial Planning team on 07 3842 6297 or email us at racqfp@racq.com.au.

Future financial planning seminars

Our free seminars aim to provide you with useful information to help you manage your lifestyle and achieve your financial goals.

We’ll cover a broad range of financial topics and invite industry specialists to provide insights and share potential opportunities for your benefit.

Learn more

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RACQ Financial Planning Pty Ltd (RACQ FP) is a Corporate Authorised Representative (Representative No. 293929) of Actuate Alliance Services Pty Ltd (Actuate), AFSL 240959, ABN 40 083 233 925. Actuate is a wholly owned subsidiary of IOOF Holdings Limited ABN 49 100 103 722. This article has been prepared by RACQ FP and has been based on material produced by IOOF.