The Cost of Aged Care - who pays? Impact on the Sandwich Generation.

Whilst preparing for an Ageing Workforce presentation, I was pulling together figures on the cost of aged care. Of course, I contacted a few Aged Care agencies who found it difficult to come up with and range of costs as there are a number of variables impacting the level of care someone might need.


However, whilst "googling" for information I came across some information that was helpful.  In this day and age, Financial Planners are in the perfect position to provide advise to pre and post retirees. However, some may or may not be focusing on the Cost of Aged Care when they discuss calculating your retirement costs with you. 


ipac however, seem to have put a deal of thought into the impact aged care may have on Sandwich Generation (see Blog dated X for more information). And have a look at what ipac have to say.  http://www.ipac.com.au/preparing-for-our-parents-care.aspx,  In the next Functional Living Blog I am going to bring you a rough estimate of the cost of the average renovation and/ home modifications I see, that can see independence and confidence restored to an otherwise concerned resident and family.  I will include in this a case study the costs of in home Private Care (no funding provided by the government) so you will have an idea of what private care might cost you.   There is a nice little aged care action planner ipac provide too.   http://ipacagedcare.com.au/wp-content/uploads/2010/07/ipac-financial-care-action-planner-WEB-Jan10.pdf  Be aware, ipac's action planner is focused on seeking government funding.  Some families I see have seen have a preference for privacy and prefer not to have an ACAT assessment , opting for Private agencies who provide in home care.   http://ipacagedcare.com.au/wp-content/uploads/2010/07/ipac-financial-care-action-planner-WEB-Jan10.pdf

Usually of course, families are looking for this information when there is 'an immediate need' and not necessarily preventing 'urgency' and hasty decisions when it comes to caring for their ageing parents. I hope this comes to you in the planning vs reacting phase.