Resources, links and articles to help you navigate aged care

How to Choose an Aged Care Financial Planner

Often the need for an aged care financial planner comes unexpectedly. Mum or Dad gets rushed to hospital after a fall, and the doctor advises it is unlikely they can return home safely. Panic often ensues and a deep sense of overwhelm. How do we afford aged care? How does the system work? What do we do with the house? …

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How Your Assets and Income Impact Aged Care Costs

When the time comes to enter aged care, you may be left wondering how income and assets affect your financial situation. Income and assets do play a part in how much your aged care fees will be, however the answer is not straightforward. There are a number of costs involved when entering aged care; daily fee, means tested care fee, …

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Where do I get Aged Care Financial Advice?

Where do I get Aged Care Financial Advice?

Often when the time comes for a loved one to enter aged care, it happens quite quickly. Decisions need to be made in a timely fashion. You need aged care financial advice and you may not know what that enatils. Here’s how it works: Call us! The first port of call is to call our office. Book in a time …

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How to Choose an Aged Care Facility

There are a lot of elements to consider when the time comes to choose an aged care facility for a loved one. Here are a few pointers to help guide you when making a choice. Location Often when multiple family members are involved, this is a deciding factor. As a family, think about who will be visiting most often. If …

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What Happens If I Can’t Afford Aged Care?

Firstly, no matter what your circumstances, the Australian government will fund residential aged care ensuring it is accessible for everyone who needs it. The costs to enter vary by home, and the amount of funding towards your care depends on your ability to pay and your financial circumstances.   Where do I get started? You firstly need to be assessed for …

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Investing In The Right Advice Upfront Can Save You Thousands

Investing in the right advice upfront can save you thousands. When it’s time for a parent or loved one to go into aged care in Melbourne, or if you’re planning for your own future, it can be incredibly daunting and stressful. It can be a real nightmare to figure out the logistical and financial side of aged care, let alone …

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Should I Pay for my Parent’s Refundable Accomodation Deposit?

Navigating aged care and the costs associated can be a nightmare. One of the biggest hurdles to face is coming up with the required Refundable Accommodation Deposit (RAD). To enter an aged care facility, usually a large sum is required and often, families want to pay their parent’s RAD to potentially prevent them having to sell the family home. And while …

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How To Reduce Aged Care Costs

At Aged Care Specialists Vic, we often have overwhelmed family members come to us and ask how to reduce aged care costs. In most cases, the way to reduce aged care costs is to ensure the person entering aged care has minimised their assets. This will ensure they are receiving the maximum benefits towards the cost of their care and …

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Who to Deal With When Entering into Aged Care?

Entering aged care as a resident or the residents family is usually a very overwhelming time for all. There is a lot to navigate and understand, and quite substantial financial obligations. People are often unsure who to deal with when entering aged care. Here are the five people you should have in your corner when navigating the aged care process. …

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elderly person and a middle aged person talking on a park bench

8 Tips to Transition a Loved One Into Aged Care

Moving your loved one into aged care facility in Melbourne will never be easy. No matter how much you’d like to shoulder the responsibility of taking care of them, more often than not, it simply isn’t feasible. In most cases, an aged care facility is recommended by the GP to give your loved one the care they need and deserve. …

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Can I be Forced to Sell the Family Home?

I’m asked this question many times each week. The answer in short, is NO, you cannot be forced to sell your family home. However, once we look at alternatives and the affect this could have on your final asset base to leave behind for your family as an inheritance, selling your family home is an option that you may consider. When …

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What is the Refundable Accommodation Deposit and how is it paid?

The Refundable Accommodation Deposit (RAD) explained The Refundable Accommodation Deposit (RAD) forms part of the nursing home (aged care) costs (there are four different parts involved – the RAD, the basic daily fee, the means tested care fee and the extra or additional service fee). The Refundable Accommodation Deposit (RAD) is an upfront deposit that covers ‘rent’ of your room for …

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Useful Links for Aged Care

Unsure where to go when looking into aged care? Here are links to resources relating to all things aged care- and if you can’t find what you are looking for, please call us and we will help you find it!  Aged Care Pricing Commissioner – www.acpc.gov.au The Australian Government Deptment of Health – www.health.gov.au The Australian Government Department of Human …

Nursing Home Costs: All You Need To Know

Nursing home costs (or aged care facilities as they are now known) are made up of the following components: accomodation costs, daily fee, care fee and extra fee/service fee. The accommodation cost is determined once an income and assets assessment is completed. This is arranged through either the Department of Human Services or Department of Veteran Affairs. A resident will be classified …

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Low Means Aged Care –What You Need to Know

When it comes to aged care in Melbourne, there are two main categories when it comes to assessing the requirement to pay for care. These are ‘market price’ or ‘low means’. If assessed as having the means to pay market price, the resident is required to pay the market value for their aged care accommodation. This includes daily payments, lump sum or …

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entering aged care title

Entering Aged Care: A Quick, Easy to Understand Video

A fantastic short video on explaining income and assest assessment and the overall process when entering aged care. The video takes three minutes and covers the main aspects when entering aged care: Fees Choosing a home you and your family like Government Support  For more information, personailsed to your circumstances, contact us at Aged Care Specialists Vic.

STRC: All You Need To Know

What is Short Term Restorative Care? Short Term Restorative Care (or STRC) is where you’re able to access a range of different services and support, for up to eight weeks, twice per 12-month period. Services include things like home maintenance, mobility aids or other equipment, health services such as physiotherapy and podiatry, daily assistance with cooking and cleaning, mental and emotional …

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How Aged Care Consultants in Melbourne Can Benefit You and Your Family

When the time comes to put a loved one in to an aged care facility, you want the best outcome for your family. Do you know how aged care consultants can benefit your family? Do you want to get aged care financial advice? We understand how important it is for you to be able to give your loved ones the best …

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Do I Need To Sell The Family Home To Go Into Aged Care?

Each person has their own circumstances, you may be in a position where you are weighing up if you need to sell the family home to afford aged care costs, specifically the RAD. With so many variables and a lot to consider, there is no simple answer, however providing specific financial advice for aged care is what we do.  What …

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The Power Of Choice When It Comes To Aged Care

What You Should Know Before Choosing Aged Care Facilities For Yourself Or Your loved ones Choosing an aged care facility for your loved one can be incredibly daunting. You need to know that your parent or family member will be both happy and well cared for. And while once upon a time that might have seemed like a given – …

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