Five Adjustments to Make if Your Spouse Moves Into Aged Care

Adequately preparing and seeking sound financial advice will allow you to navigate the numerous changes in life more effectively, minimising stress. It can be challenging and overwhelming to witness the deteriorating health of your spouse. If this decline necessitates a transition to aged care, both of you will have to adapt to many changes.

These changes may encompass adjusting to a new daily schedule and sleeping arrangements, as well as making financial, legal, and emotional adaptations.

In this article, OzPlan highlight five aspects that couples may need to think about and tips to help you to adjust.

1. Your Centrelink age pension

If you or your spouse move into aged care, you may be eligible for an increased age pension, which can help cover the higher expenses and care costs.

This applies to illness-separated couples, where the pension is assessed based on combined financial means but paid at the higher single rates. The increase in a couple’s age pension could be as much as a combined, $14,000 per year.

Ensure you update your Centrelink or Veterans’ Affairs records promptly after the move and inform them that you are now an illness-separated couple. It may also be worth considering reapplying for an age pension if you previously missed out due to your means.

2. Your emotions

It is possible that you may feel guilt, or grief. These are typical responses. It may take a while to process and manage your emotions. Surrounding yourself with supportive friends and family, or consider seeking assistance from a professional, if necessary, will help you manage your emotions.

3. Your lifestyle changes

You will both be going through changes in your daily schedules. Your spouse may have to adapt to a new routine, which includes sleeping in a different bed, eating at different times, and adjusting to the cooking styles in the care facility.

The care staff will provide you with helpful tips to ease the transition. You may also feel a sense of emptiness and loneliness in your home.

Your usual daily activities may now involve spending time with your spouse in the care facility and trying to regain your own social life. If your spouse used to receive home care services before moving into residential care, those services, including home cleaning, will be discontinued.

It may be worth considering if you are now eligible for your own home care package or other forms of home support to maintain your independence. If necessary, you can contact the MyAgedCare team to schedule an assessment.

4. Your home

If you feel that your home is too large or lonely, or if visiting your spouse is difficult, you may consider relocating. This could involve downsizing to a smaller or more conveniently located home, or even moving to a retirement village.

Moving homes will have financial consequences for your age pension and care fees. OzPlan can offer guidance on reviewing and calculating the financial impacts of moving homes.

5. Sorting your legals

If your partner has been designated as your enduring power of attorney/guardian or executor of your Will, it could be a good idea to contact your lawyer and discuss updating the legal documents.

If you want to talk through your options or find out more information for your situation, call the OzPlan office on 1300 495 424 to arrange an appointment.

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• This presentation is provided by OzPlan Financial Services Pty Ltd, ABN 35 005 391 202 (AFSL 221235) and is for general information only.

• Opinions expressed are our present opinions only and are subject to change. In preparing this presentation, we have obtained information from sources we believe to be reliable, but do not offer any guarantees as to its accuracy or completeness.

• The information does not take into account the objectives, financial situation or needs of any person. Before making an investment decision, a person should consider, with the assistance of their financial adviser, whether it is appropriate in light of their particular objectives, financial situation and needs.

• It does not contain and is not to be taken as containing any securities advice or securities recommendation. Furthermore, it is not intended that it be relied on by recipients for the purpose of making investment decisions. Subject to law, none of the companies of OzPlan Financial Services Pty Ltd, nor their respective directors or employees, accepts any responsibility or owes any duty of care to any person acting, or refraining from acting, as a result of material in this presentation.

• The information contained in the presentation is general in nature and in preparing this presentation, OzPlan Financial Services Pty Ltd has not taken into account the investment objectives, financial situation and particular needs of any particular person. Before making an investment decision, a prospective investor should consider, with the assistance of a financial and tax adviser, whether an investment is appropriate in light of their particular investment needs, objectives and financial circumstances.