When meeting clients, who are the children seeking aged care advice for their parents, they can look very confused, and emotionally stressed out. They don't know where to begin or how to go about things because Aged Care is such a foreign place for them, and truthfully, it's a place that wasn't part of their radar screen until now!It is an emotionally stressful time for the parents and the children involved. It is stressful for the parents because they need to come to terms with losing their independence, and for the children, because they don't know how to best help their parents receive the care they need.The reality is, discussions about Aged Care do not occur until an emergency need arises.Decisions around aged care need to be carefully considered, and not rushed as the rules around aged care are complex, and you need to be aware of your parent's situation holistically. That is, there are many personal and financial positions to understand before trying to comprehend the ins and outs of the fees and costs, the social security and tax implications, and most importantly, the financial planning strategy options surrounding aged care.Everyone seeks the best possible care for their parents, and I find the best way to help, is to help my clients regain control in the decision making process by empowering them with clear and concise information about aged care .The control is the ability to make the right choices in terms of affording the best care for their parents. This control can only come from knowing, and from being equipped with good advice to help make informed decisions. The ability to make informed decisions minimises the stress, and helps provide peace of mind and confidence.Once the clients are in control they are empowered to make the right decisions.To help you get the control you need to best help your parents on aged care decisions, let's look at the Top 5 Concerns shared by most of my clients.Top 5 Aged Care Concerns1. Moving into Aged Care is a major lifestyle changeFor many, losing independence is a hard fact to accept, and it can be a distressing time, both for your parents and you. Making the transition as stress-free as possible is the key to success. Perhaps, helping your parents get familiar with aged care facilities can be an important first step. Start having some discussions about the reasons why Aged Care is important, and the benefits it'll have for them. Maybe, visiting some of the facilities can provide a sense of relief that it is not as bad as initially anticipated.2. How to decide where?Maintaining familiarity and being in close proximity to family members is a key priority for most of my clients. So, the location of the facility is something you want to think about. Do you and your parents think it is best to reside around their familiar surroundings to minimise the impact of a major lifestyle change? Or, is being closer to where family members live more important? Maybe, you need to weigh up both considerations to make the best decision for your parents.3. Can we afford it?Can my parents afford to go into Aged Care? is a question I often get asked.The ability to afford the accommodation payments and the ongoing care fees sits on the top of the list, and the best way to answer this question as an aged care adviser, is to explain the various costs and fees, and to explain the different planning options available to them then to pinpoint the most appropriate strategy to best meet their needs and objectives.4. How to understand it all?Aged Care is a complex area, and there are many rules, assessments, approvals and options to sift through before a decision can be made, and not just any decision, but one that meets your parents and family member's objectives.My experience as an Aged Care adviser has taught me, that the best way I can help my clients make informed decisions, is to first understand their objectives, their current financial and personal positions, and then to identify and explain the appropriate aged care strategies that will meet their objectives, and ultimately provide peace of mind and confidence in having made the right decision.My advice is don't tackle this area alone, seek advice from an accredited aged care adviser who has the experience and the expertise to help 'de-clutter' mountains of information into simple, clear and concise recommendations to suit your parent's needs and objectives.5. Should they sell their home?Another common question I get asked is whether their parents should sell their home?As most people own their home at this stage, they want to know what to do with it, and most importantly what impacts it will have?Making the decision to sell or to keep it or to rent it out has varying implications on things like aged care fees and social security entitlements.It is best to get the control to make the right choices by seeking advice that is relevant to your own personal situations.Getting the right financial adviceTo help your parents make informed decisions, you first need to gain control of the situation by getting on top of things, and being informed yourself. The best way to achieve this is to get the right information that is relevant for your parent's situation.Receiving aged care advice for your parents should be holistic. That is, their entire situation need to be taken into account when recommendations are made.Aged care advice may include explaining the steps in the process of entering aged care, assistance with completing forms, reviewing aged care funding options, cash flow planning, providing advice on the implications of selling or renting the family home, tax planning and, importantly, estate planning.I hope I was able to help you understand some of the common concerns most people have when it comes to aged care.Please ensure you seek the right advice to help your parents make the right choices for their aged care needs.I am a financial planner and an Accredited Specialist Aged Care Adviser with Dome Financial Group (Dome Financial Group trading as Dome Financial Services Pty Ltd is An Authorised Representative of Financial Wisdom Limited ABN 70 006 646 108 AFSL 231138)Follow Dome Financial Group on LinkedInLike Dome Financial Group's Facebook PageThe information contained on this page is for discussion purposes only and is not intended to constitute financial product advice. It does not take into consideration any persons objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual before making a decision based on any information on this page.
