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Nursing homes can be expensive, and not everyone can afford to pay for them privately. However, the Australian government provides a number of financial assistance options to help people who need aged care but can’t afford to pay for it themselves.

Financial assistance options

There are two main types of financial assistance available for aged care:

Means-tested care fee

This is a government subsidy that helps to pay for the cost of care. The amount of subsidy you receive will depend on your income and assets.

Accommodation contribution

This is a contribution towards the cost of your accommodation in a nursing home. The amount you contribute will depend on your income and assets, as well as the type of room you choose.

How to apply for financial assistance

To apply for financial assistance, you will need to complete an aged care means assessment. This is a process of assessing your income and assets to determine your eligibility for government subsidies. You can complete an aged care means assessment online or by calling the My Aged Care contact centre.

Other options

If you are not eligible for financial assistance, there are a number of other options available to you. These include:

Selling your home

If you own your own home, you may be able to sell it to help pay for the cost of aged care.

Accessing equity in your home

If you don’t want to sell your home, you may be able to access equity in it to help pay for aged care. This can be done through a reverse mortgage or a home equity loan.

Taking out a loan

You may be able to take out a loan to help pay for the cost of aged care. However, it is important to note that this will increase your debt levels.

Getting help

If you are unsure of how to access financial assistance for aged care, or if you need help with other aspects of planning for aged care, you can contact an aged care financial adviser. Aged Care Financial Advisers can provide you with personalised advice and help you to develop a plan that meets your individual needs.

If you can’t afford a nursing home in Australia, there are a number of options available to you. The Australian government provides financial assistance to help people who need aged care but can’t afford to pay for it themselves. There are also a number of other options available, such as selling your home, accessing equity in your home, or taking out a loan.