Planning ahead for aged care

Keep your financial documentation in one place

Have documents such as bank balances and investment statements, shareholdings, house rates notice, pension and super details on hand so that your financial situation can be pieced together quickly and easily.

Make sure your will is up to date

As well as keeping your will current, don't forget that you may have to appoint an executor, an enduring power of attorney, a medical power of attorney and a guardian.

It’s important to have powers of attorney in place before you need them because an enduring power of attorney cannot be established once a person has lost capacity. The great thing about powers of attorney is that you can specify when they come into force—either immediately, on a particular date, or when it has been determined that you no longer have capacity to make such decisions. The executor is responsible to make sure all your wishes are carried out in accordance with your will, so it’s important to appoint someone you trust.

Have the discussion early with your family

If the family knows your wishes ahead of time, it can make things a bit easier if a trigger event occurs.

Attend facility open days so you’re informed

It’s a good idea to attend aged care open days so you can assess their facilities and ask questions about fees and costs. Consider booking respite care ahead of time.

Get clarity about cost

There's a bewildering array of funding considerations and options when it comes to aged care. And it's important to get the key decisions right from the start to avoid heartache and financial stress later. Key decisions might include whether to sell the family home, what assets to keep or sell, and how to cover the ongoing costs.