Aged Care matters

Aged Care matters because of the ageing demographic we have in Australia.  It is of high emotional – and financial – consideration for many of our ageing population.  This article outlines how to approach the matter.  And approached with empathy, and favourable financial outcomes.

Who are we addressing here?

Whether considering options for –

• yourself, or
• deciding how best to help someone close to you,

Aged Care is a complex area and requires careful thought.

What are some of the issues of concern?

Uncertainties surrounding –

• where to move,
• how much it will cost, and
• where the money will come from,

can be overwhelming and stressful.

Starting the Aged Care support journey

In this article we help you understand the steps involved, and where to find answers.  We show how Continuum Financial Planners Pty Ltd can provide strategies and advice to help you make an informed decision.  For some guidance on questions that may arise as you ponder this matter, refer our post: ‘Aged Care financing decisions’.

There are typically three steps that need to be taken when contemplating a move to an aged care facility:-

Step 1.  ACAT Assessment

Step 2. Accommodation and services needs identification

Step 3. Funding the level of accommodation and service selected

Legislation is changing, but an ACAT assessment will determine whether you are eligible to access aged care support.  Under the current regulations, the assessment will determine whether you are eligible for aged care services.  This determination is continuous, but provides an opportunity for to seek re-assessment if your circumstances change sufficiently.

The next stage in the process will determine the most appropriate level of care for your circumstances.  In turn, this will help in identifying your accommodation and service needs.  These needs could be provided at either –

• a Hostel¹,
• a Nursing Home² with extra services – for which an Accommodation Bond would apply;
• a Nursing Home without extra services – in which case an Accommodation Charge would apply; or,
• at home.

Some costs to consider

Consequent upon entry to an Aged Care facility, funding the accommodation and service will be an issue to deal with. The costs to fund include –

• the ‘accommodation bond/ charge’ (see notes above); as well as
• a ‘basic daily fee’, possibly a ‘daily income-tested fee’; and,
• if you have chosen a higher standard of accommodation and/ or services, there will also be ‘extra service fees’ payable.

[Changes to the Aged Care provisions as from 1 July 2014 have restructured fees and associated costs of Aged Care.  Refer to our other published articles for more current information.]

Government legislation changes over time, as do your circumstances.  The availability of accommodation resources adds to the dilemma of planning for an orderly aged care process.   We recommend an annual review of these and any related issues.  If you are anticipating utilising one of these aged care services, and –

• want to plan in advance for the most cost-effective outcome,
• our Aged Care Specialist can assist.

How Continuum Financial Planners can assist

Our advisers are alert to the emotional issues involved in making Aged Care services decisions.  These issues are especially at play around entering an aged care facility.  You will find them to be empathetic to your circumstances.  Their advice secures your best financial interest.

We work to the mantra that –

‘we listen, we understand; and we have solutions…’
that we deliver in documented
personalised, professional wealth management advice.

Where it is your preference, we apply strategies that will optimise the financial outcome of the move from living –

• independently to
• in an aged care residential facility.

To arrange an appointment with one of our experienced advisers on this matter –

• phone our office on 07-34213456, or
• at your convenience, use the linked Book A Meeting facility.

¹ Hostels provide personal care, accommodation and a level of nursing care.
² Nursing Homes provide 24-hour nursing care and accommodation.

(This article was originally posted by us in January 2014.  We occasionally refresh/ update it, most recently in August 2025.)