How Your Home Can Help You Pay For Aged Care?

One of the critical steps when considering aged care assistance in a residential facility is whether or not you can afford it. Your aged care costs will need to factor in your particular circumstances; including your care need package and costs payable to your service provider. Figuring out how to pay for aged care can be complex with many preferring the option to sell the family home to help pay for upfront costs.

It’s understandable that most people will want to remain at home for as long as possible. However, circumstances change, and there may come a time when you’ll have to consider moving into a dedicated residential care facility, where professional help is on hand every hour of the day. While the Australian Government contributes to your aged care services, you may still be expected to pay some of the costs of your care if you can afford to. Here are some of the upfront costs you might be presented with before securing your spot:

  • A lump sum accommodation bond (refundable accommodation deposit).
  • A rental-type fee (referred to as a daily accommodation payment for your home’s upkeep and maintenance).
  • A combination of both of the above (you can make arrangements to pay a certain amount while waiting to sell your house).

Factors To Consider When Choosing To Sell Your Home

Your home is considered to be an asset unless you have a partner or dependent child still living there. Deciding to sell is often the most straightforward option to generate funds, but there are still important factors to think about before you can sell, such as:

  • Is the family home market-ready? If not, how much do you need for renovations or improvements?
  • Would it be better to rent out the house? If so, is there a family member willing to take on the responsibilities of a landlord on site to take the burden off you?
  • What are your family’s thoughts and wishes?

Don’t leave your decision-making for too late. Speak to a financial advisor specialising in managing and planning for aged care costs to help you to make the most of your entitlements and reduce your liabilities. Then schedule a tour at one of Medical And Aged Care Group’s residences to find out more about services and facilities. Get in contact with us today.