Residential Aged Care

 

What you need to know

Whether considering options for yourself or deciding how best to help someone close to you, residential aged care can be a complex area requiring careful thought. The uncertainty surrounding where to move, how much it will cost and where the money will come from can be overwhelming and stressful.

This guide provides the basics. You will understand the steps you need to take, where to find answers and how your financial adviser can help you make an informed decision.

There are typically three steps you need to take before entering residential aged care.

Chapter Step 1.

Approval

Before entering residential aged care, your health must be assessed to determine your eligibility for care.
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The Approval Process

Before entering residential aged care, your health must be assessed to determine your eligibility for care. The assessment can be performed by any doctor, nurse or social worker who is a member of an Aged Care Assessment Team (ACAT, or ACAS in Victoria).

You can visit myagedcare.gov.au to request an assessment.

Chapter Step 2.

Find a Home

Consider what is important to you in an aged care facility. You may like to visit a few.
Aged Care planning

Finding an Aged Care Facility

To make sure you find an aged care facility that you are comfortable in and that will suit your needs, you may like to visit a few different places.

You can apply to as many facilities as you like. The accommodation costs for all aged care facilities are published on myagedcare.gov.au.

This website also provides a description of the rooms and services available at the facility.

Chapter Step 3.

Organise your Finances

On entry to an aged care facility, you may be required to pay an accommodation contribution or accommodation payment.
Financial Planning

Organise your Finances

On entry to an aged care facility, you may be required to pay an accommodation contribution or accommodation payment.

Some people will have their accommodation costs met in full or part by the Government, while others will need to pay the
accommodation price agreed with the facility. The Department of Human Services (DHS) will advise which applies to you determined by your level of assets and income at entry.

There will also be a basic daily fee to pay and there may be a means-tested care fee which is determined by your level of assets and income reassessed quarterly.

Some aged care facilities offer you a higher level of service or a higher standard of accommodation or food for
an extra service or additional fee.

Chapter How?

How your Advisor can help

Your financial adviser can help with the decisions you need to make and which strategies are best suited to your circumstances. They can also help you keep your plan on track with an annual review, in case your circumstances, or external factors such as legislation, change.
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How your Advisor Can Help

Table showing how your financial advisor can assist with aged care entry

To find out more about your aged care options, talk to your financial adviser.

Mark Tyminski
0434 360 360
Ellastone Financial Planning (ABN 12 205 593 819)
Australian Investment & Insurance Group (ABN 93 068 486 126. AFSL 226 405)
Mark Tyminski is an Authorised Representative (#307441) of Australian Investment & Insurance Group Pty Ltd (AFSL 226405).

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