Retirees who are looking to manage their nursing home costs might not know where to begin with such a process.
Amid all of the assessments, tests, consultations and application papers, it is easy to see where constituents can become confused even with the aid of a partner or close family member.
By taking some commonsense steps and understanding what items are applicable and what are not, it is easier to establish a plan of attack.
Let us take time to outline how nursing home costs can be best managed for Australian retirees.
There will be differences that are involved for participants who are calculating nursing home costs depending on their circumstances, whether they need to move or if they are simply acquiring additional support to their current living conditions. Fortunately there are means of assessing these costs just by being aware of their existence. From income tested fees to means tested fees and types of transactions that are designated to constituents moving to an aged home like accommodation and daily fees, these elements will be considered on a case-by-case basis depending on the requirements of the recipient.
Outside of high-end clients who have the wealth to fund a range of activities that fall within nursing home costs, there will need to be some concessions found to fund many of these activities. To be solvent and have a degree of liquidity to pay for basic services, there can be packages that are funded through superannuation savings, property sales, stock options or other strategies that will help to financially support such a plan from being enacted. This is a topic of discussion that should be between the individual, their partner or close family members to decide on the best course of action.
Participants who are in the midst of reviewing their nursing home costs are essentially re-purposing their retirement plan. From dealing with mortgages and handing over key asset possessions, superannuation accounts, stakes in companies and stock portfolio options to filing and signing crucial legal documents, this is a process that will encompass all of these details. If a strategy has been formulated or there is a complete lack of a vision, then the retirement plan has to be designed to meet the objectives of the individual.
The good news for Australian citizens who are trying to manage nursing home costs is that they can access a range of support packages that will help to offset the short-term financial concerns. This can include the Home Care Package (HCP), the Commonwealth Home Support Programme (CHSP) and other initiatives that are delivered around short and long-term care options. To understand whether or not a recipient is eligible for such a program, they have to engage these departments directly, talk with them about basic eligibility criteria and if there is scope to proceed, finally completing an official application form.
The most effective strategy that clients can take to manage their nursing home costs is to hire the services of an advisor to oversee the entire process. When there are gaps in the knowledge and a lack of understanding and clarity about the machinations of transitioning to residential aged care, these specialists will apply their skills and experience to help guide the participant through these avenues. They will come equipped with their connections and affiliations in the industry, outlining what is considered best practice, what avenues will return the best outcomes and how to minimise any potential exposure.