Aged Care Planning
Planning for aged care is one of the most emotionally and financially complex challenges families face. Whether you are planning for yourself or helping a parent navigate the transition into aged care, the financial decisions involved are significant and time-sensitive — and getting them wrong can be very costly.
What We Do
Great Advice provides specialist aged care financial planning to help you and your family make informed decisions during a difficult time. We work with you to understand the costs, the government support available, and the best way to structure your finances to pay for care while protecting your remaining assets.
Our aged care planning covers:
- Understanding aged care fees — basic daily fees, means-tested care fees, accommodation costs (RADs, DAPs, and combinations)
- Centrelink and DVA assessments — helping you prepare for and respond to income and assets assessments for aged care purposes
- Accommodation payment strategies — deciding whether to pay a Refundable Accommodation Deposit (lump sum), a Daily Accommodation Payment (ongoing), or a combination
- Family home decisions — understanding the implications of keeping, renting, or selling the family home when entering aged care, including assets test exemptions
- Age Pension impact — ensuring your aged care arrangements do not unnecessarily reduce your pension entitlements
- Estate planning considerations — updating wills, powers of attorney, and beneficiary nominations to reflect the aged care transition
Why Great Advice
Aged care decisions often need to be made quickly, under emotional pressure, and without a clear understanding of the financial consequences. We bring clarity and structure to the process, helping you make confident decisions that protect your loved one’s care and your family’s financial position.
We work alongside your family, your solicitor, and the aged care facility to ensure everything is coordinated.
Frequently Asked Questions
How much does aged care cost?
Costs vary significantly depending on the type of care (home care vs residential), the facility, and your financial situation. Residential aged care involves a basic daily fee (set by the government), a means-tested care fee (based on your income and assets), and an accommodation cost. Total costs can range from $30,000 to over $100,000 per year. We help you understand and plan for these costs.
Should I pay the RAD as a lump sum or daily payment?
This depends on your financial situation, your cash flow, and how the payment method affects your Age Pension and aged care fees. Paying a lump sum RAD reduces your assessable assets (which can increase your pension), but ties up a large amount of capital. We model both options to determine which is best for you.
What happens to the family home when someone enters aged care?
The family home may be exempt from the assets test for aged care purposes for up to two years (or longer if a protected person, such as a spouse, continues to live there). After the exemption period, the home may become assessable. The decision to keep, rent, or sell the home has significant financial implications — we help you think through all the options.
Can I get help from Centrelink or DVA with aged care costs?
Yes. Centrelink and the Department of Veterans’ Affairs can provide subsidies and supplements to help with aged care costs, depending on your income, assets, and service history. We help you navigate the application process and ensure you are receiving your full entitlements.
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