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.

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

STEP 1: Approval

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.

Step 2: Find a home

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.

STEP 3: 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. Services Australia 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.

Have more questions about these steps? At Humble Goode, we assist in making the necessary decisions and finding the strategies best suited to your situation. Give us a call at 08) 7477 8252 to help you explore your aged care options and navigate the complexities.

General Advice Warning:

The information on this website is intended to be general in nature and is not personal financial product advice. It does not take into account your objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs. In particular, you should seek independent financial advice and read the relevant product disclosure statement (PDS) or other offer document prior to making an investment decision in relation to a financial product.