Aged care facilities
Leaving your own home and entering an Aged Care facility permanently isn’t an easy decision. But it doesn’t have to be a daunting experience. At an Aged Care facility, you can get the care and services you need to maintain your quality of life.
The choice to enter a permanent Residential Aged Care facility is not really a lifestyle decision - it is a health and wellbeing decision.
Almost all Residential Aged Care facilities are regulated and funded by Government (at least partly) under the Aged Care Act 2024.
The Government funds a range of Aged Care facilities across Australia to provide care and services to those who need it. Each home is different, so it is important to choose the right one for you. Government-funded aged care homes are regulated by the Aged Care Quality and Safety Commission (ACQSC) and have to meet Aged Care Quality Standards to ensure they provide quality care and services.
But I hear you asking and what you really want to know is What is it all going to cost? And How can I afford it?
How much you pay depends on the place you choose, an assessment of your income and assets (means assessment) and any optional goods and services you select after you enter care.
Typically, the types of costs associated with all Aged Care facilities are:
Basic daily fee
Means tested care fee / Hotelling and Non-Clinical Care contribution
Accommodation cost / Bond / Deposit / Room Price / Entry Fee
Fees for extra / additional services
There are various tools and calculators out there that you can access. But my (general) advice to you is “Beware!”. Everyone’s financial situation is different – the categories of assets and income and how they are treated in a ‘general’ calculator can have very misleading results. You also need to consider the structure of your assets and income. Do you own your own home? Have you been living with family? Do you receive a Lifetime Pension? Are you involved in a Family Trust? These are just a few of the curveballs we can be thrown that might just make a very big difference to the outcome.
We aim to explain the process in simple terms and give you an estimate of the costs relevant to your situation. Then if it is in your best interests, we can also show you how we could put a strategy in place to maximise your income support and/or other income streams and minimise those ongoing costs.