As you’re planning for retirement, topic matters such as how much money you need to live on and final arrangements may come up. Unfortunately, one topic matter that often gets lost in the shuffle are the years that you are still living, but may not be able to completely take care of yourself. These are the years that you may need aged care, but many retirees are left without a plan in place for it. Let’s talk about a few simple steps that you can take to prepare for aged care so that you’re not left stranded in the event that it’s needed.
- Start planning for it early. You may be in good health now and not want to think about the days where you need medical professionals to handle your basic needs, but the time may come. When it does, it may come quickly, leaving you or your partner having to come up with a plan quickly. Leaving it until the last minute means that you’ll have to make quick decisions without being able to think them through, which can have consequences financially and otherwise.
- Figure out now the place you will want to provide aged care for you. Again, it all goes back to preparation. Tour facilities now, or while you’re still in good health as you won’t have the option to do so if you’re ill and are in need of immediate aged care.
- Decide if you want in home care instead. Statistics have shown that many people are planning to receive aged care in their homes instead of in a facility. If you decide to go this route, you will need to figure in the cost of it as it differs from facility care; and you will also need to research providers and plan for where the care will be given in your home.
- The fourth step is to determine after other research is how you or you and your spouse are going to pay for aged care in the event that it’s needed. For example, are you going to sell your home? Do you have any benefits that will help you pay? Are you planning for it to come out of your retirement funds? These are all great questions to start asking yourself now before the time comes.
Now that you know how important it is to plan for aged care, you may be wondering what to do next. The best option is to speak with a financial planner or retirement specialist who can help you go through your options, financially and otherwise.