Navigating Aged Care Options & Eligibility in Australia
Listen in as I join the SMSF Mate podcast to explore the financial considerations, government support available, and the impact on your SMSF investments.
A person may need to move into residential care when they are no longer able to live safely at home. Their change in circumstances means they need to find a new home, which can better support their daily needs.
Home care is increasing in popularity for older Australians as an alternative to residential care. This is because your client can choose where to live – either at home or in a retirement community or perhaps with the kids – and the care they need will come to them.
Where a person with a life interest moves into aged care, the assessment of the life interest will depend on how it was set up and by who, whether there is a formal agreement and the terms of the agreement.
Granny flat arrangements can offer a practical housing solution, but they’re more complex than they seem. If you’re transferring money, assets or property in exchange for the right to live somewhere for life, it could affect your social security and financial position. Here’s what you need to know.
Retirement villages are an independent living option. In most cases the person does not own their residence. The person buys the right to live in a retirement village under a variety of different commercial arrangements.
Rising cost of living pressures, significant changes to the home care and aged care systems, and increasing life expectancy have created a perfect storm of financial challenges for many Australians approaching or already in retirement.
Choices about where to live are driven by lifestyle, work and family. As a person ages these choices start to be impacted by health or increasing levels of frailty. And this may necessitate a change.
If you're approaching or already in retirement and own your own home, you might have heard about the Home Equity Access Scheme (HEAS). This government program allows eligible older Australians to access the equity in their home through a voluntary non-taxable loan, providing additional income to support your retirement lifestyle.
As we prepare for the implementation of the new Aged Care Act and following the recent pay increases to support the attraction and retention of qualified staff in March 2025, now is an opportune time to examine how the announcements of the March Federal Budget 2025-26 are impacting the aged care landscape.
