, What Is Aged Care and Why Does It Matter?

Aged care is something that a lot of people don’t think about until they need it. And by then, it may be too late. Aged care can be expensive, and the options available to you can be overwhelming. In this blog post, we will discuss what aged care is, why it matters, and how you can plan for it financially. 

What is aged care? 

Aged care is a term used to describe the various services and support available to older people who need help with everyday activities. This can include everything from personal care and health care to domestic assistance, shopping, and cooking. 

Aged care can be provided in someone’s own home (in-home care) or in an aged care facility or nursing home. 

Reasons Why Aged Care Matters 

As we age, we often lose the ability to take care of ourselves. This can be due to physical or mental health problems, or simply because we are not as mobile as we used to be. Aged care can help us maintain our independence and quality of life. 

Secondly, aged care can provide much-needed support to our families and carers. When we are no longer able to take care of ourselves, it can be a huge burden on those who love and care for us. Aged care can help ease this burden and allow our loved ones to continue living their lives without having to worry about us all the time. 

Finally, aged care is important because it can be expensive. The cost of aged care can vary depending on the type and level of care required, but it is not cheap. Aged care financial planning is therefore essential to ensure that you and your loved ones are prepared for the future. 

Aged Care Financial Planning 

When it comes to financial planning for aged care, there are a number of things to consider. 

Firstly, you will need to consider how you will fund your aged care. This may include using your savings, selling your home, or taking out a loan. 

You will also need to think about what type of aged care you want and need, and how this will fit into your budget. Financial planning for aged care is something hard that you can do on your own, so it is important to seek professional advice. A financial planner can help you understand all of the options available to you, and make sure that you are prepared for the future. 

Wrapping Up 

Aged care is an important issue that we all need to think about. It is not something that we can ignore, and the sooner we start planning for it, the better. Financial planning is essential to ensure that you and your loved ones are prepared for the future. 

If you would like to need help with your aged care financial planning, please contact us today. We can help you plan for a bright future. 

Author: Shaun Ganguly

Director and Financial Planner at Retirement Village Financial Advice and Aged Care Financial Planning, Shaun Ganguly specialises in complex Aged Care, Retirement Living, and Centrelink matters. He holds a Bachelor of Commerce (Finance & Economics), and is an FPA Accredited Aged Care Professional, Aged Care Guru, and Certified Financial Planner.

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