When planning for aged care, most people focus on accommodation costs and daily fees, but ensuring quality care is just as important. The Aged Care Quality Standards set the benchmark for service providers in Australia, ensuring older Australians receive safe, respectful, and high-quality care. Understanding these standards is essential for financial planners and families, as they impact long-term care decisions, costs, and overall quality of life.
At Paris Financial, we believe that aged care planning goes beyond numbers—it’s about ensuring financial security while accessing the best possible care. Here’s what you need to know about the 8 Aged Care Quality Standards and how they relate to financial planning.
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Consumer Dignity and Choice
Aged care services must respect the dignity, values, identity, and rights of older Australians. Providers are expected to support independence and offer choices that align with personal preferences.
Financial Planning Insight:
- Understanding the financial implications of different care options ensures that clients have the flexibility to choose care services that best suit their needs.
- A well-structured aged care financial plan can ensure funds are available for preferred services without financial strain.
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Ongoing Assessment and Planning
Care providers must assess individual needs continuously and adapt services accordingly. This ensures that as health conditions change, appropriate support remains available.
Financial Planning Insight:
- Aged care costs can increase with higher care needs, making it essential to plan for potential future expenses.
- Financial planners help clients anticipate these changes by structuring assets and income sources to accommodate fluctuating costs.
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Personal Care and Clinical Care
Residents must receive safe, effective, and quality personal and clinical care. This includes medication management, nursing care, and allied health services.
Financial Planning Insight:
- Medical expenses in aged care can be significant. A structured financial plan ensures access to quality healthcare without depleting assets.
- Government subsidies and private funding strategies can be used to manage clinical care expenses effectively.
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Services and Supports for Daily Living
Aged care should provide safe and enjoyable daily living services, such as meals, social activities, and personal assistance. These services should promote health and well-being.
Financial Planning Insight:
- The cost of additional lifestyle services varies across aged care providers. Understanding fee structures helps families budget accordingly.
- Some aged care homes offer premium services at an extra cost—planning ahead ensures affordability.
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Organisation’s Service Environment
Facilities should provide a safe, clean, and comfortable environment that supports independence and well-being.
Financial Planning Insight:
- Choosing the right facility is a crucial financial decision. Families should assess whether the accommodation aligns with their long-term financial plan.
- Refundable Accommodation Deposits (RADs) and daily payments (DAPs) impact cash flow and estate planning, making professional financial advice essential.
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Feedback and Complaints
Aged care providers must ensure residents and families can voice concerns and have them addressed appropriately.
Financial Planning Insight:
- Families should be aware of their rights and the complaints process when selecting an aged care provider.
- Having a financial buffer can allow for a change in providers if the current service does not meet expectations.
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Human Resources
Aged care providers must ensure they have a qualified and well-trained workforce capable of delivering quality care.
Financial Planning Insight:
- Facilities with well-trained staff often provide better care but may come with higher costs. Understanding the value proposition helps clients make informed choices.
- Some providers charge additional fees for specialist carers—budgeting for these costs ensures continued high-quality care.
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Organisational Governance
Providers must demonstrate effective governance, accountability, and leadership, ensuring safe and high-quality care.
Financial Planning Insight:
- When evaluating aged care options, families should consider financial stability and accreditation status.
- A financially secure aged care provider is less likely to experience disruptions, ensuring consistent care for residents.
Planning Ahead for Quality Aged Care
Understanding the Aged Care Quality Standards is crucial when selecting the right aged care provider. However, ensuring that you or your loved one can afford quality care requires strategic financial planning. At Paris Financial, we assist families in navigating aged care costs, structuring assets, and maximising entitlements to ensure financial security while accessing aged care.
Need help planning for aged care? Contact us today for expert guidance tailored to your financial situation.
Source:
Australian Government Department of Health and Aged Care. (n.d.). Aged Care Quality Standards. From https://www.myagedcare.gov.au/aged-care-quality-standards
Aged Care Quality and Safety Commission. (n.d.). Your Rights – Aged Care Quality Standards. From https://www.agedcarequality.gov.au/older-australians/your-rights/aged-care-quality-standards
