Caring
What are the financial implications of caring for elderly parents?
As Australians live longer, more of us will need to start thinking about the best way to care for elderly or infirm parents.
Looking after elderly relatives can have a major impact on carers’ lives. More than a fifth of carers need to reduce their hours of work, while more than one in ten has to resign from their job completely. Older Australia at a Glance 2002, (third edition), AIHW p38
Both carers and their relatives face a variety of financial burdens, including paying for:
- medical assistance
- renovations to make the home more accessible
- long-term care.
Meanwhile, the capacity of carers to earn an income is often hampered by restrictions on their ability to work or study.
Deciding whether to move an elderly parent into an aged care facility is one of the hardest decisions you may need to make. It’s worth talking to your parents and siblings early about aged care facilities and the services they provide.
And if the facility requires a bond, it’s worth reaching an agreement early as to how the family will pay for this and whether you need to consider selling the family home to pay for ongoing care.
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As at 30th March 2011, AXA Asia Pacific Holdings Limited and all of its Australian and New Zealand subsidiaries ceased to be members of the Global AXA Group and became members of the AMP Group.
