Resources, links and articles to help you navigate aged care

When the time comes for a loved one to enter aged care, the common thought is – we need to sell the house to afford it! This is certainly not always the case.  Understanding Aged Care Accommodation Costs One of the key considerations when looking into aged care is the main cost of accommodation, typically referred to as the Refundable …

When it comes to aged care in Australia, there are a lot of rules and regulations governing the administration and one of the questions we are often asked around refunding the refundable accomodation deposit and to whom. This is especially relevant when family members are offering to pay the RAD on a residents behalf. The RAD can be anywhere from …

For many, there’s a true joy in gifting, an act that strengthens bonds and brings happiness to both receiver and giver. Yet, when you or a loved one is considering entering aged care, the financial implications and rules around gifting money or assets become important. Whether for altruistic reasons, estate planning, or simply wanting to help family members, understanding the …

As you start to navigate the realm of retirement and aged care, it’s crucial to make informed decisions about yours or a loved ones financial well-being. In this article, we wanted to explain in detail two terms that often arise in the context of aged care: RAD and DAP. RAD or Refundable Accommodation Deposit, and DAP or Daily Accommodation Payment, …

Overview: Home Care Packages support people wherever they call “Home”. They are designed to provide care for people within their home environment and keep them in the home instead of moving to full time care. As of 31 December 2022, 255,628 individuals were assigned a home care package. This is more than those currently in aged care homes. Eligibility: To …

When it comes to planning for aged care, seeking guidance from an experienced aged care financial advisor is crucial. These professionals specialise in navigating the complexities of aged care and can help you make informed decisions. However, it’s essential to be aware of common mistakes that people often make during the financial planning process Not wanting to pay for professional …

As we or our loved ones age, the need for specialised care and support becomes increasingly important. In Australia, various aged care services are available to provide assistance tailored to individual needs. However, navigating the eligibility requirements and understanding the process can be complex. In this post, we will guide you through the steps to qualify for aged care services …

If you’re looking to downsize, you may want to take advantage of the downsize contribution of up to $300,000. The eligible age changed from 1st Jan 2023 and now the minimum age is 55. This is a significant change that could offer great benefits to those looking to sell their main residence and another imperative to keep in mind when …

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 – with recent (and quite horrific) reports of aged care facilities providing sub-standard care – it’s …

Short-term care provides care and support services for a set period of time. There are different types of short-term care depending on your needs. All aim to help you with day-to-day tasks and either restore or maintain your independence. Depending on the type of short-term care you access, help can be provided for a few days to a few months …

Whether you’re an investor or borrower, you would be very aware of the recent increases to interest rates. On April 1, 2023, the aged care interest rate (also known as the Maximum Permissible Interest Rate, or MPIR) increased to 7.46%. This marks the sixth consecutive rise since October 2021 when the rate was merely 4.01% p.a. The new rate applies …

Transitioning a loved one to an aged care facility is not an easy move. However, in most cases, it is recommended from a doctor to provide them the care they require. Transitioning a loved one to aged care can be challenging for all family members involved and can lead to feelings of guilt, worry, and helplessness. Here are some tips …

Help at home is helping older people stay at home longer. As people get older, living independently in their own home can become more difficult. When things start becoming harder than they once were, perhaps it is time arrange for some help at home. Asking for help doesn’t mean loss of independence; it’s usually quite the opposite. Getting a little …

Being a home owner when it comes to assessing your pension isn’t as straight forward as you may think. If you live in a retirement village, are you a home owner? Of course you know if you own a home (or mortgage) or not, however in a retirement village, this arrangement can actually be seen as a lease or a …

This article was written by Rachel Lane from Aged Care Gurus. As the end of the year fast approaches, many aged care homes are offering “free” aged care. Now, you might be thinking: what’s the catch? Well, in some cases you’ll need to pay for some upfront to get some free, but in other cases there is nothing to pay. …

This is one of the common questions when people come to me for aged care financial advice. The answer is: if you receive a means-tested pension then the decisions you make about funding your aged care can affect your pension entitlement. The accommodation payment component of the aged care costs is exempt from the calculation of pension under the asset and …

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 …

You may have seen in the news that there has been a change to aged care funding. Rest assured though that care will not be affected by this change. What’s the change? The new funding model has had a name change to “Australian National Aged Care Classification” or AN-ACC for short. This change stems from the recent Royal Commission into aged care. …

Unsure where an aged care financial planner fits in your plans? 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 financial planners can benefit you? Do you want to get aged care financial advice? We understand how important it is for …

As an aged care financial planner, I am 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 …

There is a point where you reach an age and the relationship between child and parent has changed. It very well may be that point in life where it is now your responsibility to start caring for your elderly parents’ needs. It is time to start aged care planning. There are so many things to consider when making the difficult …

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, in most cases, a large sum is required. Families often want to pay their parent’s RAD to potentially prevent them having to sell the family home. And …

Since 1 July 2018 Australian seniors have been able to make what is known as a “Downsizer Contribution” to their superannuation fund of up to $300,000, which means if you are a couple you could get a combined $600,000 into superannuation ($300,000 each) if you downsize. The benefits of the downsizer contribution are that you don’t have to buy another …

With the end of financial year just passed, I thought it was timely to share with you some thoughts around gifting and how it can reduce the cost of aged care.  When it comes to residential aged care, many people believe if they don’t have any money, they won’t be able to move in. It simply is not true. Most aged care …

With the end of 2022 financial year approaching, it is a great time to review any Centrelink or aged care entitlements you have. As always, we are here to assist you. If you have any questions about the issues mentioned below, please don’t hesitate to contact us. Here are some things to consider: Applying for Centrelink or DVA benefits The …

Entering aged care as a resident (or being part of the residents family) is usually a very overwhelming time for all. Seeing an aged care financial planner should be one of the first things you do. There is a lot to navigate and understand and quite substantial financial obligations. Entering aged care can be a very unsettling and confusing time. …

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? …

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, …

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 …

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 …

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 …

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 …

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. …

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 …

Aged care ratings are quite new in the ever changing world of aged care. Understanding the quality of service provided by care facilities is so important when choosing care for a loved one. The Australian Government has implemented a Star Rating system, introduced in December 2022, to help individuals assess the performance of aged care homes. This system is a …

Navigating the world of aged care can be overwhelming, especially when it comes to means tested aged care fees. In this article, we’ll go through daily fees and means-tested care fees to provide clarity for those approaching or considering aged care. What are Daily Fees and Means-Tested Care Fees? The Basic Daily Fee Every resident of an aged care facility …

Taking the step to obtain professional aged care advice is not taken lightly. Making the decision to transition to aged care can be a complex and emotional process for both individuals and their families. With an array of financial considerations and entitlements to navigate, seeking professional assistance from an experienced financial planner specialising in aged care can significantly ease the …

As we grow older and enter our *golden years*, many of us may require additional care and support to maintain our quality of life. Aged care can help seniors live comfortably and independently by providing a range of services tailored to meet individual needs. However, the question that often arises is, “How much does aged care in Australia cost?” There …

This article was written by Rachel Lane from Aged Care Gurus. If you are thinking of moving into a retirement village, you probably have not worked out what happens after you leave. While many people know about retirement village exit fees— a complex formula of management fees, sharing of capital gain or loss, renovation costs, sales commissions and marketing fees — …

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 …

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 (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 …

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 …

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.