At some point, many of us will need to get involved with moving a loved one into Aged Care - a milestone that can be extremely stressful for everyone, and to make matters worse, fraught with financial complexity.

Aged Care can be expensive - bloody expensive, and complex – bloody complex.

For farming and grazing families, unfortunately it is a potential minefield and without the correct advice, could cost many tens, even hundreds of thousands of dollars, more than necessary.

Ageing parents and Aged Care comes up in about 80% of my client annual review meetings and as such, it will come as little surprise that I believe this is a subject requiring top specialist advice to get the best financial outcome for your family.

Recently, I interviewed Bruce Baynes (a specialist aged care financial adviser) of Sage Care Advice, based in Caloundra QLD, to gather his expert tips on how to best navigate the Aged Care Jungle.

I have known Bruce for many years, and he, like me, grew up in a small country town in rural NSW.

He understands the issues faced by the rural industry when dealing with Centrelink and Aged Care providers and has very kindly shared 7 Tips to Navigate the Aged Care Jungle for those of you considering care for a family member.

1. It is vital you have an Enduring Power of Attorney (EPOA), well before necessary. Waiting to put one in place until you need it is simply too late. A back-up Attorney, just in case, is also recommended, and documents should be stored in a safe place until needed.

2. As soon as the time comes, waste no time getting an Aged Care Assessment Team (ACAT) assessment. It is impossible to access care without ‘permanent residential care’ approval – it is the industry’s ‘ticket to the aged care concert’.

3. Don’t invest time looking at facilities too early, Aged Care homes are constantly changing. New ones opening, old ones closing and management changes can all impact your decision on which facility to use. Instinctively, a care facility ‘feeling as much like home as possible’ should be as important in decision making as whether the facility is conveniently located or its services provided. If you’ve spent a lifetime in rural Australia, a move to care may never feel like home – a concrete high rise with little outlook or outdoor area may seem more like a flash hotel.

4. Carer fatigue is real and cannot be underestimated. When an aged person is looking after another aged person (most likely their spouse), often carer fatigue sets in and like two cards leaning against each other, once one goes down, they both collapse. Having a spouse carer is not always the best option and should be carefully monitored for sustainability. Sometimes parents will mask the challenges they’re facing in order to remain at home.

5. Don’t leave it too long. Over 80 percent of people going into a home are entering as a direct result of a stroke or a fall. If you see Mum or Dad leaning on furniture to get around the house, they are one step away from a fall. It is a sign to get them assessed by ACAT and to start looking at available options to provide additional help.

6. Speak to a financial adviser who is a specialist in aged care and is comfortable working with your accountant and solicitor. There are some unique rules for farmers - if your adviser doesn’t know about the 20 year farming rule, then they are not the specialist you want and you need to find another one.

7. Family trusts, companies and partnerships are a nightmare when it comes to assessing Aged Care costs. If you have any of these, check with your accountant and adviser, as more often than not, Mum and Dad are involved in the trust to some degree, even if only on paper.

The impact of this involvement can have huge implications on aged care costs, so seek advice at least five years before they may need care, as in some cases it can take years to wind parents out of any trust, companies or partnerships.

As with everything, it pays to be prepared. Bruce has an eBook “A Step By Step Guide to Arranging Aged Care” which I think is just brilliant. Just click the link below and download your free copy, and thank you Bruce for your practical and wise advice, I’m sure it will help many families embarking on their Aged Care journey.

Click below to download Bruce's "A Step By Step Guide To Arranging Aged Care" eBook