Aged care reforms are coming
AGED care is changing this year. To understand the impacts and how families can prepare, we spoke with Accredited Aged Care Professional Myles Martin from OzPlan Financial Services at MB+M.
What should I know about the upcoming aged care reforms?
These changes – starting July 1 – aim to make aged care more transparent and personalised, but they also bring new challenges. Families need to understand how costs are structured and how care plans are tailored. Without proper planning and advice, the financial and emotional strain can be overwhelming.
Why is it important to prepare now?
Time is of the essence. If families wait until care is urgently needed, they may face limited options and rushed decisions. By planning ahead, you can ensure loved ones get the care they deserve while avoiding financial surprises.
How can families start preparing?
The first step is understanding your financial position and how government support fits into your plan. We specialise in creating tailored strategies to help families. It’s not just about money—it’s about peace of mind.
Should we quickly try to enter aged care before July 1?
While the upcoming reforms may impact costs and care options, rushing into aged care without a well-thought-out plan isn’t recommended. Every family’s situation is unique, and decisions should be based on care needs, financial planning, and long-term goals. Speaking with a financial advisor is crucial to understand the implications of these changes and ensure you make the right choice for your loved ones.
If you require further information, please visit MB+M at 120 Nixon Street, call 5821 9177 or email mbmozplan@mbmgroup.com.au
This column contains general advice only and does not take into account the needs, objectives and situation of any individual. You should consult with a licensed financial advisor and consider obtaining personal financial advice prior to making any decisions about aged care.
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