Being acutely aware of the challenges faced by providers of age care services, it is abundantly clear that most people are completely unprepared for the move into such facilities from both a personal and financial perspective. In this article we explore the challenge of funding aged care with the view to getting people thinking about it now rather than waiting until the move is imminent.
There are already over one million retirees accessing aged care services in Australia. The move to aged care for a family member can be a very difficult process as the increasing cost structure raises questions as to the funding mechanism especially as the individual typically has strong ties to the family home. The costs of residential aged care are multifaceted and generally involve one or more of the following fees: