Why we must talk about aged care

Australians aged over 50 need to start a conversation about their mortality, writes Anthony Keane

FAILING to plan for the cost of future aged care is putting Australia’s over-50s at risk of financial struggles later in life.

Many are enjoying their retirement with overseas travel but are putting off discussing the next stage of their lives, according to a study by Absolute Care & Health and social researcher McCrindle.

It found only 9 per cent have a financial or savings plan for their aged care, and three-quarters have not taken any steps towards getting the care they would want.

Forty per cent worry that they won’t be able to pay for it, and 43 per cent aren’t confident in the government’s ability to help them.

Absolute Care & Health CEO Maria Deveson Crabbe said “having the conversation” was a big barrier for many.

“We don’t like to discuss our mortality. We don’t like to think things will come to an end,” she said.

Ms Deveson Crabbe said it was a good idea to turn the discussion into positive planning about “long, healthy, happy lives”.

“We have some incredible clients in their late 90s who are out and about,” she said.

“Start with a happy thought: ‘I’m going to live for a long time and I want to be at my best as long as possible’.

“A lot of families who have put thought into it have worked out a plan involving a balance of government care, family care and rotating care.’’

Home care is booming in Australia as more retirees want to remain in their own home as long as possible. Despite extra government funding, long waiting lists remain for home care packages – putting people under financial pressure.

The research found almost half of over-50s had not discussed their future care – not even their spouses.

“Because people aren’t talking about the money side now as a family, when it comes time to act, nobody’s ready. People haven’t thought about the piece between active retirement and passing away,’’ Ms Deveson Crabbe said.

Leading Age Services Australia CEO Sean Rooney said people thinking about aged care generally pictured a nursing home.

“Aged care no longer refers to nursing homes but refers to a ‘continuum-of-care’ service model,” he said.

“There are three main types of service choices – home care, residential aged care and retirement living – but hybrid and new innovative models are emerging linking these options.’’

Mr Rooney said most older Australians were keen to live independently at home for as long as possible.

“Discussing aged care planning can be challenging,’’ he said. “A good starting point is the Federal Government’s myagedcare.gov.au.’’