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Aged Care Financial Planning Services
Financial advice for aged care becomes more common when you, your partner or your parents can no longer live at their home, and it becomes time for moving to an aged care home or facility where ongoing care and support is available 24 hours a day. While this can be a short-term stay, usually it is a permanent and final residence around 80% of the time.
Aged care costs can be difficult to navigate if you have never experienced them before. There are different fees and deposit amounts, and options and aged care financial advice can help you or your parent’s deal with complex financial issues when the health and welfare of a loved one is likely your main concern.
Are you finding the aged care process confusing and intimidating?
We’ll walk you through every step of the process, so you can relax knowing that your loved one is in good hands.
Financial advisers charge a fee to help with strategies to fund you or your parent’s aged care. However, if you’re experiencing financial difficulties or have little income, you may be eligible for free financial counselling services. Financial counsellors usually operate with community organisations and can provide you with independent information, support and advice. Financial counselling is also confidential. To learn more about financial counselling, visit Financial Counselling Australia, or call the National Debt Helpline on 1800 007 007.
FAQs
If you’re looking for aged care, it’s important to understand the fees and funding associated with it. Here are some of the most commonly asked questions about aged care fees and funding
What types of fees are associated with aged care?
How much aged care will I have to pay?
What happens if I can't afford aged care?
Are there any financial assistance options available?
How do I know if I qualify for government-funded aged care?
How does aged care funding work?
What types of aged care funding are available?
How do I know if I'm eligible for aged care funding?
What types of fees are associated with aged care?
There are typically three types of fees associated with aged care. These include: accommodation payments, aged care fees, and extra services fees. The type of aged care you receive will determine the costs associated with it.
How much aged care will I have to pay?
The amount of aged care you pay is determined by your individual circumstances and can vary from person to person. Generally speaking, if you are receiving a government subsidy for aged care services, then there may be no out-of-pocket cost for aged care services or very limited costs. However, if you are not eligible for a subsidy, then you may need to pay an accommodation bond or additional service fees depending on the type of aged care services you require.
What happens if I can't afford aged care?
If you are unable to pay the full cost of aged care, you may be eligible for aged care funding assistance. You can also contact the Services Australia or your local aged care service provider to discuss other options such as concessional loans or dementia-related homecare services.
Are there any financial assistance options available?
Yes, there are a range of aged care financial assistance programs that may be able to assist you. These include aged care bond loans, aged pension supplements and aged care concessions. Speak with your aged care provider or a financial advisor to find out more about these options.
How do I know if I qualify for government-funded aged care?
The first step is to assess your needs by completing an Aged Care Assessment Team (ACAT) assessment or Aged Care Assessment Service (ACAS) when you’re in Victoria. This will identify any services that you may need, such as home care or residential aged care homes. Once approved, you can receive government-funded assistance depending on your individual requirements.
How does aged care funding work?
Generally, aged care is funded by the Australian government. Depending on your individual situation, you may need to make a contribution towards aged care services such as accommodation costs or homecare fees. To find out more about the aged care fee structure, contact your local aged care service provider for more information.
What types of aged care funding are available?
There are several different types of aged care funding options available to assist with the cost of aged care. The Australian government subsidises aged care fees, while individuals may be required to make additional contributions depending on their financial situation. Other aged care funding options include concessional loans and services such as dementia-related homecare or nursing home costs.
How do I know if I'm eligible for aged care funding?
Eligibility for aged care funding will depend on your age, assets, income and level of disability. To find out more about aged care funding eligibility in Australia, contact the Services Australia or your local aged care service provider for further information.
Need more help understanding aged care fees and funding? Contact your local aged care service provider today! They will be able to provide further information about aged care fees and funding in Australia.
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We are an Accredited Aged Care Professional®. This means we have the knowledge and skills to be able to provide specialist aged care advice.
We don’t want to make our advice fees as complex as aged care. Instead, we offer simple transparent pricing that makes sense and provides value.
We will deliver on what we promise. If you are not satisfied with our service, we will refund your fees.
We understand the time constraints of aged care well. We deliver formal written advice and take the time to discuss with you.
Grab Our Free eBooks
Time is ticking and it’s time to start thinking about Aged Care for your loved ones. With 6 straight forward guides, you’ll learn more about the complexities of aged care in Australia.
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