Aged Care Financial Planning

Navigating the aged care system in Australia can be a complex and challenging process, particularly when it comes to understanding the financial implications. 

As the population ages, more Australians are faced with making important decisions about aged care for themselves or their loved ones. 

Given the significant costs and the variety of care options available, obtaining professional financial advice is crucial. 

Importantly, our advisers are Accredited Aged Care Professionals, helping to ensure that you receive the highest standard of advice and support.

From guidance on obtaining an Aged Care Assessment Team (ACAT) assessment to structuring your assets correctly, we are here to help.

Aged care fees in Australia are complex. Costs can include daily fees, means-tested care fees, accommodation payments, and additional service fees. 

Changes to these fees are coming in 2025 which presents another layer of complexity.

Without proper guidance, understanding these costs and how they will impact your finances can be overwhelming. 

Our accredited financial advisers specialise in explaining these costs and helping you plan for them. 

They can break down the expenses, compare different aged care options, and assist you in making an informed decision that aligns with your financial situation.

For couples, entering aged care can be particularly complicated. The timing of aged care entry can affect pensions, asset assessments, and care fees. 

Our financial advisers can help couples plan together, ensuring that both parties' financial needs and care requirements are met. 

They can provide strategies to optimise finances and care arrangements for both individuals.

Navigating aged care can be complex. We      specialise in providing tailored advice to help you or your loved ones transition into aged care with financial confidence, ensuring access to the best care options while minimising costs.

One of the primary concerns for many individuals entering aged care is how to preserve their assets, particularly their family home. 

Decisions regarding whether to sell the home, rent it out, or retain it can have significant financial and emotional implications. 

An accredited financial adviser can provide strategic advice on managing assets to ensure you or your loved ones are financially secure while also considering the emotional ties to the family home.

The Australian government provides several types of financial assistance for aged care, including subsidies and benefits through programs like Home Support, the Commonwealth Home Support Programme (CHSP) and Home Care Packages (HCP). 

Navigating these programs and understanding eligibility criteria can be challenging. We can assist with maximising your Age Pension / DVA pension entitlement.

We can help ensure you receive all the support you're entitled to by guiding you through the Centrelink / Services Australia aged care application process and advising on how to maximise these benefits.

Aged care decisions can have various tax implications, including impacts on capital gains tax, income tax, and pension entitlements. 

Misunderstanding these implications can lead to unexpected tax bills and reduced benefits.

Our advisers can help you navigate the tax landscape, ensuring that you make decisions that are tax-efficient and beneficial in the long term.