Helping your parents plan for aged care
As our loved ones age, the discussion around aged care options needs to be prioritised. The decision to move elderly parents into aged care is a complex one, fraught with emotional and financial intricacies.
In New Zealand, where this transition can be particularly challenging, adult children play a crucial role in helping their parents prepare for this significant life change. There’s plenty to think about, including emotional preparation, legal and financial considerations, and available resources and support.
Preparing for a change
Open Communication
Initiate conversations with your parent/s early on to understand their preferences and concerns regarding aged care. This proactive approach enables you to plan effectively and respect their wishes.
Understanding Emotions
Acknowledge that both you and your parent/s may experience a range of emotions during this transition, from guilt and sadness to relief. Seek support from friends, family, or counsellors to help you with these feelings.
Transition Planning
Encourage your parent/s to visit aged care facilities, involving them in the decision-making process. This not only helps them get familiar with the environment but also helps them to maintain their sense of control.
Respecting Autonomy
Work with aged care providers who prioritise individualised care, ensuring that your parent/s can maintain as much independence and autonomy as possible.
The legal and financial side of things
Documentation
Ensure that necessary legal documentation, such as a power of attorney and advanced healthcare directive, is in place to handle financial and medical decisions on your parent's behalf if they are unable to do so.
Assessment
New Zealand has a means-tested assessment process to determine eligibility for government-funded aged care services. Make sure you understand the criteria by visiting the relevant government websites for more information.
Fees and Charges
Familiarise yourself with the various fees associated with aged care, including the basic daily fee, accommodation payments, and extra service fees. Research the government-set limits on these fees.
Selling Assets
If necessary, consider discussing the sale of assets such as property or superannuation to help you fund aged care requirements. Keep in mind the specific rules and thresholds regarding these assets.
Financial Advisers
Consult with a financial adviser to navigate the complex financial landscape. They can provide tailored information based on your parent's specific situation.
Helpful resources
Eldernet: A valuable resource providing a directory of aged care facilities, retirement villages, and home care services.
Age Concern New Zealand: Offers advice and support for older New Zealanders and their families, assisting in navigating the aged care system.
Helping your parents prepare for aged care in New Zealand is a multifaceted process requiring careful emotional and financial planning. Engage in open communication, explore available resources, and seek professional advice when making important decisions.
Remember, the goal is to ensure the well-being and happiness of your ageing parents as they transition into this new phase of their lives. While this article provides factual information, always seek advice from professionals, especially for legal matters like Power of Attorney arrangements.
Your commitment to their well-being will make this transition smoother and more supportive for everyone involved.
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