Reviewing Aged Care Finances: What's Worth Checking

If you or a family member are already receiving aged care support, the financial side of that arrangement isn't necessarily fixed. Programs change, fees are reassessed, and decisions made early on may be worth revisiting as circumstances evolve.

Here are the check-in points we see matter most.

A note on annual reviews: If you already have a Financial Plan with us, all of this is covered as part of your annual review and the support we provide throughout the year. However, if anything has changed since your last review, it's worth having a conversation sooner rather than later.

Home Care: the transition to Support at Home

The Home Care Packages program has been transitioning to the new Support at Home program. For current Home Care recipients, this brings changes to how budgets are structured, how unspent funds are treated, and what services are available. If you haven't yet reviewed what the transition means for your specific package and care arrangements, it's worth doing so.

Residential Aged Care: Fee reassessments

Residential Aged Care fees - particularly any means-tested fees - are subject to periodic reassessment by Centrelink. If you parents financial circumstances have changed since their last assessment, it's worth understanding whether your fees are likely to change.

Accommodation payment decisions

If you or a family member entered residential care and the accommodation payment decision - whether to pay a Refundable Accommodation Deposit (RAD), a Daily Accommodation Payment (DAP), or a combination - hasn't been reviewed recently, it may be worth revisiting. The right structure depends on your overall financial position, your assets, and how long you're likely to remain in care.

Has something changed since your last review?

A check-in doesn't need to be formal. But if something significant has changed - a property sale, an inheritance, a health development, a change in living arrangements - it's worth having a conversation sooner rather than waiting for the next scheduled review.

The aged care system is sensitive to changes in your financial circumstances. Getting ahead of those changes, rather than responding to them after the fact, tends to produce better outcomes.

How we can help: If you'd like to review your current position - whether for yourself or a family member already in the aged care system - we're happy to run through what that looks like for your circumstances.

Call our team today on 1300 924 644 to arrange a time to discuss your situation.