Families can face a number of challenges as they attempt to manage nursing home costs for their parent.
This can be a tough transition to make to supported living, but it does not have to be tough from a logistical standpoint if family members do their due diligence.
It is vital to take the example of families who have made significant mistakes in this domain, costing themselves thousands of dollars and anguish in the process.
No Knowledge of 4 Key Costs
At their essence nursing home costs like those from Sydney Aged Care Financial Advisers can be divided into four key categories: the basic daily fee, additional service fees, means-tested care fee and costs for accommodation. The basic daily fee is to pay for basic amenities like laundry, meals and power. Additional fees can include access to the pool and gym to WiFi access and therapy services. The means-test payment is to determine suitability for the candidate according to key criteria and then there is the fees involved for accommodation. If there is no knowledge about how these programs operate, then that can present problems along the way. There are services that can offer aid to supporting these costs, but they do build up over time.
Selling Off The Home Early
It might soon turn out that the best way to pay for nursing home costs is to put the property up for sale. However, this is a choice that should be taken if the appropriate steps have been taken to assess the costs and decide if alternative measures are suitable. Other participants can place their property up for rent to subsidize their new environment, whilst others will pass the home ownership to their next of kin. Property ownership is a major domain that cannot be taken lightly and the biggest mistake families can make is rushing to judgment to sell the premises for immediate cash.
Receiving No Professional Financial Advice
Nursing home costs become a major burden for participants who have not engaged any professional financial assistance. From estate planners to family accountants, there are services that can help individuals manage their portfolio and ensure a steady stream of income during this process. This can include coverage of investments and shares to pensions, property sales, superannuation, cash holdings, annuities and trusts. There will be unique tax implications to each of these domains but only a trained and certified firm should be looking over this information before presenting the appropriate options. That information will prove the framework for a financial footing that is sustainable for years to come.
No Knowledge of Extra Aged Care Options
If nursing home costs are seen as crippling when a participant could be looking at other options, then families should take stock and examine if an alternative measure is better. When carrying out an assessment through an Aged Care Assessment Team (ACAT), there will be various possibilities for a retiree who can no long support themselves independently. Given their frail condition they could be looking into home care, restorative care, residential respite care or transition care. The assessor will be able to provide enough detailed information that incorporates their c and suitability for one of these other programs.
Conflict of Interest During Decision Making
Sometimes the problem for families trying to manage nursing home costs turns out to be the family itself. Whether this involved a partner, next of kin, brother, sister or even grandchildren, there have been occasions where a conflict of interest takes hold of the decision making process. If certain terms of a Will are stipulated where a transition is either beneficial or harmful to their prospects of receiving benefits from the Will, that can play a detrimental role in the process. Their well-being is longer the central consideration and that is a problem that has to be confronted.