As your parents grow older, you may notice they’re finding it harder to manage on their own. It’s a tough realisation, and starting a conversation about aged care can be daunting. But approaching the subject with compassion and understanding can make all the difference, especially when it comes to the financial side of aged care.
Here are some things to consider to help you assess whether it’s time to explore aged care options together.
Social connection
Social interaction is vital for our mental and physical health, and this becomes even more important as we age. Ask your parents how they feel about their current social life. Are they seeing family and friends as often as they’d like? Have they lost interest in activities they once enjoyed?
Loneliness can lead to a range of health issues, from depression to heart disease. If they’re feeling isolated, consider ways to help them stay connected. This could be as simple as scheduling regular visits, helping them join a local group, or even discussing the possibility of a community living environment where social opportunities abound.
Health status
Talking about health can be difficult, especially as it brings to light the reality of ageing. Yet, it’s an important conversation to have. Ask your parents about their current health conditions and if they have any concerns. Are they taking their medications regularly? Do they feel safe living alone?
These discussions can open the door to addressing potential risks, such as falls or other injuries that may occur at home. Simple modifications like installing grab bars, using non-slip mats, or even organising regular health check-ups can make a big difference in their safety and well-being.
Daily routines
Maintaining a household can become increasingly challenging with age. Even if things seem okay on the surface, your parents might be struggling more than they let on. Gently ask about their ability to handle cooking, cleaning, and personal care.
If they admit they’re having difficulties, reassure them that needing a bit of help is perfectly normal. Family members can often pitch in, or you might explore hiring professional help for tasks that are becoming too much. Sometimes, it’s just about finding the right support to help them maintain their independence.
Finances
While these conversations are crucial for understanding your parents’ needs, they also highlight the importance of financial planning in aged care. The cost of aged care, whether it’s home modifications, in-home care services, or transitioning to a residential facility, can be significant. This is where a financial advisor specialising in aged care can be an invaluable resource.
Aged care involves many financial decisions, from understanding government entitlements to planning how to fund ongoing care. By working with a financial advisor, you can help your parents navigate these choices with confidence. They can assist in evaluating the costs associated with different care options, structuring finances to maximise benefits, and ensuring that your parents’ financial well-being is secured for the future.
Chat with the team at APS Financial Planning.
Written by APS Senior Financial Advisor, Paul Hatzigeorgiadis.
Paul has over 25 years of experience in the financial services sector. Over Paul’s history, he has provided advice to an extensive range of clients from wealth accumulators to pre and post retirees advising them on Wealth Creation, Cash Flow Management, maximising Centrelink benefits in Retirement, Personal Insurances, Debt minimisation strategies and Superannuation. Paul is married with a 12-year-old daughter and enjoys spending time with family and friends. Whether it’s assisting clients to meet their short-term goals or working with them over a longer term, Paul enjoys helping guide his clients with their financial future.