28 March 2022
 Categories: , Blog

If you have an older parent, you might have noticed that finances have become tight for them as they have gotten older. After all, your parent might not be able to work anymore because of their age. If you're looking for a good aged care option for your parent, you could be concerned that many great options are out of reach. You might feel that an aged care home will be a good choice for your parent, for example, but you might be worried that your family won't be able to afford it. These are some of the reasons why aged care in a facility might actually be a budget-friendly option for your loved one.

Your Parent Can Sell Their Home

First of all, right now, your parent might still be living in their home. They might still have a mortgage payment to worry about, which might be a struggle. Plus, even if their home is paid for, they have to worry about property taxes, utilities, home upkeep, repairs and more. If they move into an aged care facility, however, they can sell their home. They might get some money from the proceeds of selling their home, and they won't have to worry about all of the costs of keeping up a home.

Many Aged Care Facilities Are Government Funded

In many cases, elderly people in Australia qualify to live in an aged care facility that is partly or fully funded by the government. Many of these facilities provide great care, and you and your family won't have to worry about a heavy financial burden because of your loved one living in one of these facilities. You may want to look into whether or not your parent qualifies for this, and you can then look into government-funded facilities that might be a good fit for your loved one.

It's Usually More Affordable Than Home Care

Even if you are looking into private aged care options for your parent — rather than options that are funded by the government — you should know that care in a facility is probably going to be more affordable. This is because it often costs quite a bit to hire someone to provide in-home care for an elderly person. Plus, upkeep costs of the home will be required. There are private aged care facilities that offer reasonable pricing. You may need to check out a few different facilities before choosing one for your loved one, though; then, you can check out both pricing and other important things, like the level of care that your parent will receive.

Talk to an aged care facility for more information.