Do I need to surrender all of my personal wealth to the aged care facility when I enter?

The requirements for entering assisted living accommodation, the expenses you will incur, and where your savings will go can be confusing and subject to false assumptions. Retirees have a common misconception that once they join an assisted care facility, money, investments, and property are no longer theirs. However, these remain yours unless you decide otherwise. Moving into an assisted care facility should not affect your financial situation unless your wealth is poorly handled. It is recommended that you seek specialist aged care financial planning before finalising any plans.

Should you sell or keep your home?

If you are moving into aged care, you may be thinking of selling your home to pay for the bond/RAD (Refundable Accommodation Deposit), or renting it out to help pay ongoing costs. The choice you make can affect your pension, tax, and care fees, so it is important to consider the financial and tax implications. According to ASIC, considerations include: If you sell your home, its value will count towards the Age Pension assets test. If you rent out your home, its value may count towards the Age Pension test depending on when you moved into aged care. If you keep your home without renting it out, it is exempt from the Age Pension assets test for 2 years from the date you moved into aged care. This is a general guide only—specialist aged care financial planning can help you understand the detailed implications for your situation.

What are the costs associated with aged care and how can I plan for them?

The costs associated with aged care in Australia can vary based on individual circumstances. According to My Aged Care, costs generally include: Basic Daily Fees (day-to-day living costs such as meals, cleaning, and laundry), a Means-Tested Care Fee (based on an assessment of your income and assets), Accommodation Costs (depending on the outcome of the means assessment and the chosen aged care home), and Extra Services Fees (for additional services or higher accommodation standards). To plan for these costs, you can use the Fee Estimator on the My Aged Care website to estimate fees based on your income and assets.

What is a Non-Concessional Contribution?

A non-concessional contribution is made from after-tax income and is not taxed in your super fund. Common examples include voluntary additional payments from after-tax income, contributions made on behalf of your spouse (married or de facto), and a government co-contribution (if eligible).

What are my options for funding aged care?

Options for funding aged care in Australia can include personal funds (savings and income), government subsidies (the amount depends on your assessed needs), and private financing options such as long-term care insurance or a reverse mortgage. Planning for aged care costs involves considering the type of help needed, the provider you choose, and your personal financial position. Advice from qualified professionals can help you understand your options and structure a plan.

How can I protect my assets and ensure they are passed on to my beneficiaries?

To help protect your assets and support your estate goals, strategies may include having an up-to-date will, reviewing beneficiary nominations (such as superannuation nominations), considering whether a trust is appropriate, and using asset protection structures where relevant. Because rules and suitability depend on personal circumstances, it is best to seek professional advice so your plan is tailored to your situation.

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When aged care becomes part of the conversation, it’s easy to feel overwhelmed by the decisions ahead. We’ll help you understand your options, navigate the financial complexities and make informed choices for the people who matter most.

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We’ll explain accommodation payments, ongoing care fees and government support, so you can make informed financial decisions without unnecessary uncertainty.

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As care needs, legislation and your financial situation evolve, we’ll continue reviewing your strategy so you and your family always know where you stand.

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Have questions? We’re here to help.

When should I seek aged care advice?

The earlier you seek advice, the more time you’ll have to understand your care options, prepare financially and make informed decisions before aged care is needed. However, we can also help if you need to make decisions quickly.

Can you help me understand aged care costs?

Yes. We’ll explain accommodation payments, ongoing care fees, government support and how different funding options may affect your financial position.

Can aged care advice help protect my assets?

Depending on your circumstances, we can recommend financial strategies that help fund aged care while considering your broader financial goals, assets and future needs.

Will you work with my family during the process?

Absolutely. We understand these decisions often involve the whole family. We’ll help everyone understand the available options and financial implications so important decisions can be made together.

How does aged care advice fit into my broader financial plan?

Aged care advice works alongside retirement planning, estate planning and other financial strategies, helping ensure your financial decisions continue supporting your long-term goals.

How do I get started with aged care advice?

It starts with a conversation. We’ll take the time to understand your circumstances, answer your questions and recommend strategies tailored to your aged care needs.

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