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Aged Care Planning: How to keep the home?

Aged Care Planning: How to keep the home?

When it comes to putting your parents or loved ones in to aged care, it takes a large amount of aged care planning. This includes deciding what you are going to do with the home. There are a number of rules that will affect the decisions you make. When doing your aged care planning you’ll find the Age Care rules and the Centrelink rules about the home are different. These rules can become very confusing and, for many, they seem to contradict each other.

aged care planning

There is a misconception that exists, and is believed by many, that the home MUST be sold within 2 years after your loved ones are moved into aged care. However, this is NOT the correct information. The home does NOT have to be sold at all if you do not wish to sell it. Homes can hold a great many memories and valuable moments. For some, selling the home is not an option they want to take. The big issue is whether aged care will be affordable if the home is retained. The great news, for many families and possibly you too, is that this is quite possible.

There are a number of factors that need to be taken into consideration when deciding whether you want to keep the home and whether it will be affordable for you. Obviously, you will need to decide where your parents or loved ones will be moving to. This decision can be dependent on the level of care they require. When you know the level of care required, you will then know what type of facility they will need based on the level of care offered. Once this is decided, your financial situation can finally be looked at to decide whether keeping the home is an option or not.

aged care planning

Deciding whether to keep the home is not a simple decision in the aged care planning process, it takes a lot of thought and consideration which is why we, at Balance Financial Solutions, are here to help. You may wish to keep the home, and we are here to show you how you can do just that. Putting your loved ones into care can be stressful, we are here to reduce the level of stress you feel and help you make the right decisions for everyone that is the most beneficial for all.

If you decide that you wish to keep the home, it becomes a matter of determining HOW to structure your affairs. This includes planning and budgeting for covering the cost of the aged care and other incidental expenditure and property costs.  

No matter what situation you are in, you may find you will need to be prepared to compromise. Let the aged care planning and financial experts at Balance Financial Solutions help you make the right decisions with your loved ones and their home.


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