Dev Raga Personal Finance 439 retirement living options, preparing for aged care + preparing financially
Oct 8, 2024
Louise Biti, a Partner at Aged Care Steps, shares insights on retirement living and aged care navigation. She discusses various living options, weighing their pros and cons, and explores the financial implications of each choice. Louise emphasizes the importance of involving family doctors and highlights the role of government support. The conversation touches on emotional challenges families face, the significance of effective communication, and the need for proper planning to avoid pitfalls in aged care, making it essential listening for anyone preparing for later life.
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Aged Care Living Options & Subsidies
- The aged care system offers various living options from home care to residential care with government subsidies covering most costs.
- Home care packages are assessed by My Aged Care and are heavily subsidized by the government, easing financial burdens for most.
Registering for My Aged Care Help
- Register for aged care assistance via My Aged Care by phone or online, and consider involving a family member to manage communications.
- Nominating a trusted contact helps navigate assessments and avoid confusion with scam or unexpected calls.
Income-Based Subsidies for Home Care
- My Aged Care subsidies for home care are based on assessable income, not net worth, allowing even wealthy individuals access.
- This focus on income rather than assets contrasts with the age pension system and broadens entitlement.