The combination of the ageing baby boomer generation and continual medical advancements increasing our life expectancy means that over the next 20 years the number of older Australians is expected to double.
This will result in almost four million Australians being over the age of 70.
This will also mean that more Australians will experience the need for aged care during their lives.
Given that there is often a lack of planning around the need for aged care, many older people, their family and loved ones tend to encounter the aged care system after a serious medical event or crisis triggers a change in circumstances.
This may mean that returning home is no longer an option and a move to an aged care facility becomes a necessity.
Aged care is a complex area that requires a sound understanding of how the rules interact with the broader tax and social security system.
Attempting to gain an understanding of these rules, the different costs and fees involved, government funding available and the various options to finance the care required can become overwhelming.
Making decisions without a detailed knowledge of all available options can result in poor financial outcomes for both individuals and their families.
A financial adviser with experience and understanding of aged care can provide clarity and understanding around all your options and ensure that you are able to make informed decisions with confidence.
Quality financial advice will assist to reduce stress, deliver improved financial outcomes and allow better family cohesion during difficult circumstances.
Overall the goal of an adviser should be to assist a family to focus on helping a loved one make a challenging transition with confidence and dignity.
Alex Myers is a PKF Wealth Financial Adviser