Osborn Yuille Financial Services

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.  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 moving in to an aged care facility.

Step 1 – Approval

Before entering an aged care facility 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).

Step 2 – Find a home

To make sure you find a home 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 homes as you like. The accommodation costs for all aged care facilities are published on the Government’s aged care website myagedcare.gov.au. This website also provides description of the rooms and services available at the facility.

Step 3 – Organise your finances

On entry to a facility, you will be required to pay an accommodation contribution or accommodation payment. Some people will have their accommodation costs met in full or part by the Australian Government, while others will need to pay the accommodation price agreed with the aged care home. The Department of Human Services will advise which applies to you based on an assessment of your assets and income.

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 income and assets. Some facilities offer you a higher level of service or a higher standard of accommodation or food for an additional daily fee called an extra service fee.

Common questions asked are:

  • What upfront costs will I need to pay?
  • How much will I pay for ongoing care?
  • Can I keep my home or is it better for me to sell it?
  • How do I maximise my social security benefits?
  • How can I afford to pay for ongoing care?
  • Will I have something to leave my family?
  • How much tax will I need to pay?

We can guide you through the process and help you with the decisions you need to make and which strategies are best suited to your circumstances.  We can also help you keep your plans on track with an annual review, in case your circumstances or external factors such as legislation change.

For more information speak to your OYA Financial representative or call Lorena Millett on 1300 727 082.

Osborne Yuille Financial Services is a Corporate Representative of OYA Financial Services AFSL 421290.

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