003 How does Aged Care work in Australia?

Weaving Gold | A Money Podcast

Summary This episode provides an introductory overview of aged care in Australia, discussing the different types of aged care services, the assessment process, and the financial implications involved. The conversation highlights common misconceptions about aged care, the importance of home care, and the emotional challenges families face when making decisions about care for their loved ones. Takeaways

• The aged care system in Australia is federally funded and begins at age 65.
• Aged care is divided into home care and residential care.
• Retirement villages are not regulated by the aged care system.
• Home care allows for assistance while remaining in one's home.
• Assessments are necessary to access aged care services.
• The assessment process can take time, but immediate needs can be addressed in hospitals.
• Families should discuss aged care options before a crisis occurs.
• Residential care is for individuals needing 24-hour supervision.
• Costs of aged care can be significant and vary widely.
• Emotional considerations play a crucial role in aged care decisions.

Chapters

00:00 Introduction to Aged Care in Australia 02:54 Understanding Aged Care Services 06:02 Home Care vs. Residential Care 09:00 Navigating the Aged Care Assessment Process 11:56 Financial Aspects of Aged Care 14:59 Understanding Aged Care Costs 18:06 Emotional Considerations in Aged Care Decisions

Nathan:

[email protected]

www.nathanfradley.com.au

Jordan:

[email protected]

www.planningsolo.com.au

The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.