Starting out in search of an Aged Care facility for a loved one can be a very emotional and quite stressful experience.
It is important to choose the Aged Care facility which your family is most comfortable with and meets all of your requirements.
At Merideon Wealth Strategies our desire is to see your family expertly settled into the aged care accommodation of their choice. Our local team is backed up by some of the best Aged Care specialists in Australia via our partnership with Partners Aged Care Advice.
Below is a list of steps to help ensure this transition is as smooth as possible.
Step 1 – ACAT Assessment
The first step you need to take is to arrange for an ACAT assessment and this can be performed by your Doctor or a Social Worker who is a member of ACAT. You can also contact ACAT directly on 08 9346 2644 or 1800 200 422. They will assess you and then advise whether you are eligible to move into a facility.
Step 2 – Find a Home
If you are eligible, you then need to find a home, be it a Hostel for low level care or a Nursing Home for high level care.
The following website, www.agedcareguide.com.au provides a comprehensive list of facilities around Australia or alternatively you can call 1800 200 422 and they will assist you.
It is recommended you visit at least three of your preferred facilities by ringing them first and making an appointment to be shown around. It’s a good idea to make notes on each and then sit down and weigh it all up, as there is a lot to consider. To assist you in this process we have included the Department of Health and Ageing checklist on “Choosing an Aged Care Home”, which is very useful and allows you to compare all facilities on an apples for apples basis.
Step 3 – Organise Your Finances
This is where we can get involved and work together with you to understand all the fees involved and how you can organise your financial affairs to suit your new situation.
For the uninitiated Aged Care throws up a maze of fees.
We provide an initial no cost, no obligation, consultation which usually involves family members and Mum and Dad. In this meeting we run over matters such as Accommodation Bonds (low level care), retention amounts, basic daily care fees, income tested fees and extra care fees. If you are assessed for high level care we discuss accommodation charges and the various fees also.
How Merideon can help with your Aged Care journey:
- Whether to sell or keep the family home and the advantages and disadvantages in doing so.
- How you will be assessed by Centrelink or Veteran Affairs under the Incomes and Assets tests.
- Provide advice on how you can maximise your Centrelink / Veteran Affairs Pensions and keep the daily care fees to a minimum.
- How to finance the Bond, by paying a lump sum or by instalments and the issues associated with both.
- How you will be able to fund the fees and maintain a comfortable standard of living (Cashflow analysis)
- Discuss investment strategies available to you.
- Raise discussion on Estate Planning matters such as Enduring powers of Attorney, Guardianship and Wills.
- Make you aware of any tax issues.
- We can help simplify the financial part of the process, leaving you free to concentrate on the other matters you have at hand.
- We then provide an ongoing service to help manage your assets and income needs as well as deal with Centrelink/Veteran Affairs directly on your behalf.
Step 4 – Application Process
Now that you are organised financially and you have chosen the Aged Care Facility, you need to complete their application forms and once again we can assist you in completing this process.
Once accepted we will need to update Centrelink or Veteran Affairs.
Once you have settled into your new home we will do a review of your situation to ensure you are being charged the correct fees and that you’re receiving your proper entitlements from Centrelink / Veteran Affairs and that any investments are complete and settled.
Contact Merideon today for Aged Care help
If you require assistance with any aspect of the Aged Care process, we are genuinely here to help. Whether you feel your query is minor or major please feel free to raise it with us and we will be happy to address it for you.