9 minute read
Is a retirement village better than aged care?
Is a retirement village better than aged care? BY SOPHIE DOYLE Retirement village living and residential care are often seen as alternatives, but the fact is they are not true substitutes. It is like comparing apples with oranges, the style of living, the services provided as well as what the government will subsidise (and regulate) are different.
Residential care combines accommodation and full–time daily living support. The costs are split between the resident and government through a complex set of subsidies and means testing. Care standards and fees are regulated by the Federal Government, with uniform rules across Australia.
In comparison, retirement villages are generally independent–living communities but for an extra fee, you may be able to buy additional care services. Retirement villages are regulated under state legislation, so the rules vary from state to state. The costs of a retirement village are private commercial contracts and each village operator can set their own fee levels and structure. It is important to read and understand the contract and ensure you have sufficient financial resources.
How is your pension affected?
Eligibility for an age pension is means–tested. If you own your home, it is an exempt asset, but in a retirement village, your name is usually not on the title deed. Instead, the rules for determining whether you are a homeowner or not depend on how much you pay as an entry contribution.
If you pay more than a threshold amount as your entry contribution, you will be classified as a homeowner and the amount paid is an exempt asset. If you pay less than this amount, you are a non–homeowner and the amount paid is assessable but against a higher threshold level.
One trap to look out for, is the difference between a retirement village and a land lease community where you do own the building and lease the land it sits on. For Centrelink this is an important distinction as you are always classified as a homeowner in a land lease community regardless of the entry cost.
Check your affordability
The decision on whether to move into a retirement village or residential aged care, is based on suitability to meet your day–to–day needs as well as financial affordability. It is important to consider: the entry (purchase) costs, ongoing fees, and financial implications upon exit.
The amount you pay for your room in residential care is fully refundable (unless you agree to have other fees deducted), with payment guaranteed by government. But in a retirement village, you might not get back all of the purchase price you paid and there are no government guarantees. If you judge your finances incorrectly and run out of money, you may not be able to dip into the equity you have invested without leaving the retirement village.
Confused?
We can help you review the financial aspects of either decision to ensure you consider the impacts both at the start and over time.
Phone us today on 02 4325 0884 to arrange an appointment to discuss your care needs.
Sophie Doyle (AR#000470612) is an Aged Care Specialist at Morgans Financial Limited (Morgans AFSL 235410 / ABN49 010 669 726); with a passion for assisting people make informed financial decisions, as they navigate their way through retirement and aged care. Disclaimer: While every care has been taken, Morgans Financial Limited makes no representations as to the accuracy or completeness of the contents. The information is of a general nature only and has been prepared without consideration of your individual objectives, financial situation or needs. Before making any decisions, you should consider the appropriateness for your personal investment objectives, financial situation or individual needs. We recommend you see a financial adviser, registered tax agent or legal adviser before making any decisions based on this information. Current at 1 October 2022.
Gosford
Are you looking for aged care advice?
Getting the right information and advice now will help you make the best choices for future care, security and happiness. Sophie Doyle, an age care specialist on the Central Coast, can help you understand the financial implications and opportunities when transitioning a loved one into aged care.
Get in touch today to start planning ahead (02) 4325 0884 morgans.com.au/gosford/aged-care
Morgans Financial Limited ABN 49 010 669 726 AFSL 235410 | A participant of ASX Group. Sophie Doyle AR: 000470612
Should people with cancerexercise?
Did you know that exercise is safe for people with cancer when it is appropriately prescribed and monitored.
Recent research suggests that exercise benefits most people both during and after cancer treatment. It can help manage some of the common side effects of treatment, speed up your return to your usual activities, and improve your quality of life. The evidence also shows there is little risk of exercise causing harm if care is taken and professional exercise advice is followed closely. For some cancers, exercise can even improve treatment outcomes.
People with cancer should be as physically active as their abilities and condition allow. Some days may be harder than others, but even a few minutes of light exercise is better than no exercise at all.
Talk to your oncology specialist before starting an exercise program, particularly if you have bone cancer or if you have any persistent treatment–related side effects, such as lymphoedema (swelling caused by a build–up of lymph fluid), shortness of breath, nerve damage, skin irritation, fatigue, or pain. Your cancer rehabilitation practitioner and/or specialist can advise whether you need a modified exercise program.
Feeling low, stressed or anxious?
MindSpot’s Wellbeing Plus Course can help.
Depression and anxiety can affect our quality of life. Even the simplest tasks may feel overwhelming. The Wellbeing Plus Course can help you manage your symptoms and learn key skills to improve your confidence. Designed for adults aged 60 years or older, this free and clinically-proven course is available online with optional support from a qualified therapist.
To find out more, visit mindspot.org.au or call 1800 61 44 34
If you are already very active at the time of the cancer diagnosis, talk to your doctor and an exercise professional (see below) about how you can retain your fitness during and after treatment.
Seeking the advice of an exercise physiologist with cancer rehabilitation experience is recommended so you can receive an individually tailored exercise prescription.
Questions for your exercise professionals:
What are your qualifications?
Are you accredited?
By which organisation? Have you completed any training focused on exercise for people with cancer? Can you talk to my medical team about my exercise program? What will you consider when preparing an exercise program for someone with my medical history? How will I know that I am doing the exercises correctly? What should I do if I feel pain when exercising? Can I start slowly? What if I feel too unwell to exercise? How long might it be before I start to see some benefits from this exercise program? How many appointments are we likely to need?
The team at Conveniently Active, part of Coastal Rehab Hub comprises of dedicated Exercise Physiologists who are accredited practising exercise physiologists who are highly qualified and experienced. The team have a special interest in prescription of exercise for cancer patients.
Coastal Rehab Hub in Erina is an all–in–one hub for cancer patients to receive integrated care and treatment. Led by owner and founder of Cancer Rehabilitation & Lymphatic Solutions, Kate Perkins Coastal Rehab Hub utilises the latest and most advanced technology and techniques backed by evidence–based practice to ensure the most optimal outcomes for patients.
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ROLAND STORM’S FAREWELL TOUR ROLAND STORM’S FAREWELL TOUR
Roland Storm is retiring from the entertainment industry and so this will Roland Storm is retiring from the be one of his last live performances and entertainment industry and so this will one of his last shows with Lucky Starr. be one of his last live performances and one of his last shows with Lucky Starr. The two Golden Boys of Rock ‘n Roll have been working as entertainers The two Golden Boys of Rock ‘n Roll consistently for the last six decades! have been working as entertainers consistently for the last six decades! This show will be funny, reflective, entertaining, and possibly very This show will be funny, reflective, unpredictable. entertaining, and possibly very unpredictable. Roland Storm, Lucky Starr and a live band will be at the following Mounties Roland Storm, Lucky Starr and a live venues as part of the Seniors Week band will be at the following Mounties Shows. venues as part of the Seniors Week Shows.
$10 Members $10 Members
$20 Non-Members $20 Non-Members
WYONG WYONG
HALI HALI
WEDNESDAY 8TH FEBRUARY Doors open 10:30am | Show 11:00am WEDNESDAY 8TH FEBRUARY Doors open 10:30am | Show 11:00am
