Aged Care Planning

We understand that when it comes time to access aged care services for yourself or deciding how best to help someone close to you, aged care is a complex area and requires careful thought. The process, paperwork and financial impact can be overwhelming. We can assist you from completing means-tested assessments and applications through to structuring fully tailored financial plans.

The basic steps in the aged care process are outlined below.

1. Approval
Before entering an aged care facility your health must be assessed to determine your eligibility for care. The assessment can be performed by any doctor, nurse or social worker who is a member of an Aged Care Assessment Team (ACAT).
2. Find a home
To make sure you find a home that you are comfortable in and that will suit your needs. The description of the rooms and services available for all approved aged care facilities are published on the Government’s aged care website. This website also provides accommodation costs for the facility.
3. Organise your finances

You may be asked to pay one or more of the following fees in residential care:

Basic daily care fee: this covers living costs such as meals, power and laundry. For some people this is the only fee they are required to pay.

Means-tested care fee: this is an additional contribution towards the cost of care that some people may be required to pay. The Department of Human Services will work out if you are required to pay this fee based on an assessment of your income and assets, and will advise you of the amount.

An accommodation payment: this is for your accommodation in the aged care home. Some people will have their accommodation costs met in full or in part by the Australian Government, while others will need to pay the accommodation price agreed with the aged care home. You have the choice to pay the accommodation payment as a refundable accommodation deposit (RAD), daily accommodation payment (DAP) or a combination of both.

Extra service fee: additional fees may apply if you choose a higher standard of accommodation or additional services.

4. Where to find help

Our financial advisers will be able to:

  • Help you decide between paying a RAD or DAP.

  • Help you calculate your means-tested fee.

  • Identify strategies for minimising the fees and maximising Centrelink entitlements.

  • Discuss the implications of selling vs keeping your current home.

Let us help you make the steps today.