Resources, links and articles to help you navigate aged care

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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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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How Short Term Restorative Care Can Help You To Remain Independent

Maintain your own independence for as long as possible At Aged Care Specialists Vic, we understand how important it is to maintain your own independence for as long as possible. To keep you living happily and safely within your own home. Which is why we love being able to demystify aged care, and all of your retirement planning. We know …

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Market Price Vs Low Means – Do you really know which you are?

Be aware of the benefits and disadvantages of being assessed as ‘low-means’ or Market price eligible When it comes to residential aged care in Melbourne, you’re generally put into one of two main categories when it comes to what you need to pay for your care – ‘market price’ or ‘low means’. If you’re assessed as being capable of paying …

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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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Explaining nursing home costs. Understand the upfront and ongoing charges

Nursing home costs (or Aged Care Facilities as they are now called) are made up of the following components: • Accommodation Cost• Basic daily fee• Means tested care fee• Extra service or Additional service fee. The accommodation cost is determined after completing an income and assets assessment with the “Department of Human Services” or “Department of Veteran Affairs”. A resident will be …

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Explaining Income and Asset Assessment

Watch this video on income and assets assessment for aged care home costs in Australia:

Useful Links for Aged Care

Aged Care Pricing Commissioner – www.acpc.gov.au The Australian Government Deptment of Health – www.health.gov.au The Australian Government Department of Human Services – www.humanservices.gov.au The Property Council of Australia – www.propertyoz.com.au Leading Age Services Australia – www.lasa.asn.au Aged and Community Services Australia – www.agedcare.org.au The Retirement Living Council – www.retirementliving.org.au Aged Care Online – www.agedcareonline.com.au/understanding-aged-care/useful-links My Aged Care – www.myagedcare.gov.au/ Milllennium Placement …