The decision to move a loved one to an aged care facility is often an emotionally confronting time. It’s also a time to make several important financial decisions, which may need to be done in a relatively short time frame.
When confronted with making these decisions, all options must be considered to ensure that the decision does not negatively impact the client, spouse, or even potential future beneficiaries.
Many things need to be considered, including how accommodation payments will be made, how income and assets are treated for the calculation of ongoing care fees and Centrelink assessment, and ensuring sufficient funding of ongoing costs for both those receiving care and remaining spouses. This involves looking at the impact of any decisions today and in the years ahead.