One of my parents needs to go into aged care, what are my options?

Melissa is a client at Treysta, her parents are Bert and Martha. Both are in their early 80’s, Martha is in reasonable health but her father Bert has dementia and Martha can no longer cope with Bert living at home. Melissa just doesn’t know where to start, aged care options seem expensive and confusing. She arranges a video meeting with her adviser for help and answers to the following:

  • Mum’s happy at home, can we avoid selling the home and still fund Dad into aged care?
  • I’ve spoken to an aged care facility and the funding options seem baffling and confusing; can you help me understand exactly what it will cost?
  • Will Dad get any assistance from Centrelink, how do I understand the financial tests for this?
  • What if Mum needs to go into aged care down the track? Do I need to consider that in all of this?
  • The aged care facility mentioned a bond, what is this? Do we get that money back and what if we can’t afford to pay the full bond amount?

After discussing this in detail, Melissa is feeling more certain about the options open to the family. She is calmer around her ability to reach a positive outcome for both of her parents during this very stressful time. She understands:

  • The option of retaining the family home vs a downsize alternative.
  • The fundamentals regarding aged care costs and of how they will relate to her parents given their specific financial position.
  • How Centrelink entitlements will be assessed and how the Means Tested Fees will be applied and calculated.
  • The options open to her should her Mum need to go into aged care at a future point.
  • The options available for paying the bond and an understanding of how that bond can be used and funded.
  • Clarity around her parent’s lifestyle funding through to life expectancy, including the ongoing costs of aged care.

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