When a person reaches a stage with their health that they require a higher level of care and need to move into an Aged Care Facility they usually have the perception that they will have to sell their house to afford aged care. Fortunately for some, that is not necessarily the case as each person’s financial circumstances are unique and need to be assessed to determine their options. Indeed it can be possible that keeping the house can be the better financial option, but of course that is only in some circumstances. This is one of the reasons why it is so important to get sound financial advice from a qualified Aged Care Financial Planner prior to making any financial decisions around the cost of Aged Care and to understand how to manage the ongoing costs. I always advise my clients to seek this help and I have some very trustworthy and capable Financial Planners I can refer them to.
I appreciate that the thought of selling the house can be very stressful for my clients going into care, especially if they have worked hard all their life to pay it off. So if they are able to keep the house, and it is a better financial option than selling it, then they are usually happier with that outcome.
Having a parent or spouse go into care is a momentous decision and a large milestone in the lives of the whole family. This can affect family dynamics as they deal with a range of issues they have not had to deal with previously. Everyone can be grappling with grief, including the person going into care. The family grieve as they see their loved one losing their independence and needing a higher level of care, whilst the person is leaving their home and all that is familiar at a time in their life when they crave security. With different members of the family having differing opinions and sometimes old wounds in the family opening up at this time of crisis, it can be a very good idea to have family meetings facilitated by someone independent to help plan the best way forward. As a Placement Consultant I sometimes also take on this role for my clients and it often helps the family to clarify the steps they need to take.