Resources, links and articles to help you navigate aged care

Navigating the Maze of Aged Care Finances: Tips and Tricks

Making decisions about aged care finances can be fraught with emotional and financial consequences.We have put together a list of some common mistakes and how to steer clear of them – and also how to get advice to get the best outcome for your loved one. These tips are quite general but can have a big impact on the end …

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How to Choose an Aged Care Financial Planner

Wondering how to choose an aged care financial planner? Often the need 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 …

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Aged Care Taskforce Report: A Recap

Last year, the federal government created a task force aimed at addressing the issue of sustainable funding for aged care. Over the past few years, expenditure on aged care has seen a significant increase. Projections suggest that by 2026-27, as the older population triples, expenditure on aged care could surge to a massive $42 billion. Currently, the government covers a …

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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 an aged care facility in Melbourne is never 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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Aged Care Financial Planning in Melbourne: All You Need To Know

When you start your journey into finding someone to help you with aged care financial planning in Melbourne, finding a reliable and experienced financial advisor is crucial. Your journey towards securing the best financial future for yourself or a loved one starts with selecting a trustworthy professional.  The Importance of Aged Care Financial Planning You truly can’t under value the …

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Four steps to take before downsizing your home

Leaving the home you have lived in for years, often decades, the one that you always thought wouldbe your “forever home” can be tricky financially and emotionally. Consequently, the decision todownsize requires careful consideration, research and planning to make sure you get it right. Understanding the motivations behind downsizing is paramount. People choose to downsize for various reasons: seeking a …

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All The Aged Care Myths Debunked

Myth: Aged Care is Only for the Elderly Who Cannot Live at Home Many people believe that aged care is only for those who can no longer live independently at home. In reality, aged care services also cater to individuals who may need assistance while still living in their own homes. Care in the home can often mean the person …

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

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 as long as you need it. …

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When Does The RAD Get Refunded?

A question often asked on our articles or through calls to our office is when does the RAD get refunded? There are three main situations when this happens. A resident passes away In this case, the Refundable Accomodation Deposit (RAD) (less any allowable amounts deducted from care provided) has to be refunded within 14 days of the provider receiving: Moving …

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Top Tips for Christmas Time Aged Care Discussions

The Christmas season is here already! With families gathering to celebrate, some for the first time in a long time, often the dinner table discussions turn to aged care. We have put together a few tips to help guide the conversation to make it a positive one.  Be open with your conversations
 Engaging in conversations about care can be challenging, …

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Downsizing? What you need to consider…

As more Australians than ever before are living longer, the concept of downsizing is one which has never been so prominent. Over the years, family homes have become much bigger meaning as age sets in, a large home with the attached maintenance may no longer suit. Here are the key considerations to keep in mind when starting your downsizing journey. …

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Paying the RAD for a Parent? Here’s what you need to know.

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 …

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Refunding the Refundable Accomodation Deposit (RAD): How It Works

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 …

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Gifting and its Impact on Finances in Aged Care

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 …

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Understanding Your Aged Care Options: RAD and DAP Explained

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, …

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Home Care Packages: A Quick Guide

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 …

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Common Mistakes to Avoid in Aged Care Financial Planning

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 …

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How Do I Qualify for Aged Care Services in Australia?

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 …

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Downsize from 55: What You Need to Know

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 …

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The Power Of Choice: Exploring Aged Care Using Respite

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 …

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How Does Respite/ Short Term Care Work?

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 …

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How the Increasing of Interest Rates Affects Aged Care

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 …

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Transitioning to Aged Care: Tips for Family Members

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 …

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What is Help at Home?

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 …

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Live in a Retirement Village? How to answer “Are you a home owner?”

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 …

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How to Get Free Aged Care This Holiday Season

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. …

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Will entering aged care affect my pension?

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 …

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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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What are the changes to aged care funding?

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. …

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How an Aged Care Financial Planner Can Benefit You and Your Family

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 …

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Ask an Aged Care Financial Planner: Can I be Forced to Sell the Family Home?

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 …

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Why Planning A Move into Aged Care is Important

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 …

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

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 …

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Is it a good idea to downsize your home to upsize your super?

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 …

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Gifting Money: How it can affect your situation

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 …

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EOFY: Aged Care & Centrelink. What to do.

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 …

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Who to Deal With When Entering into Aged Care?

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. …

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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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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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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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How to Protect Inheritance Through Strategic Aged Care Planning

When faced with the challenge of arranging aged care for a parent, it’s natural to worry about the financial implications, especially how to protect inheritance. Many families find themselves balancing the desire to ensure their loved ones receive the best possible care while also preserving the family’s wealth for future generations. This concern is both natural and common, reflecting a …

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Questions to ask an Aged Care facility

The government have put together a good list of questions to ask when checking out aged care homes. These form a great starting point in addition to other questions you may have based on what is important to you and your family. You can view the checklist here: https://www.myagedcare.gov.au/sites/default/files/2019-04/questions-to-ask-aged-care-homes_0.pdf

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Aged Care Rating: How to View & Understand

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 …

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Understanding the Daily & Means Tested Aged Care Fees

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 …

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The Importance of Professional Aged Care Advice

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 …

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How Much Does Aged Care Cost?

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 …

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Moving into a Retirement Village? You Need to Read This.

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 — …

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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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