Understanding aged care accommodation and ongoing care costs
Clear Financial Guidance When Aged Care Decisions Feel Overwhelming
Moving into aged care can bring difficult financial decisions at an already emotional time. Understanding fees, funding options, your family home and how different choices may affect your finances can quickly become complicated.
At Ascent Wealth Solutions, we help individuals and families understand their options and make informed aged care financial decisions with greater clarity and confidence.
Support and advice from Stephanie Yeung, Accredited Aged Care Specialist and CFP®
Understanding the Financial Side of Aged Care
Need help understanding your aged care options?
Aged care decisions involve more than choosing the right care provider. There can also be important financial considerations around accommodation costs, ongoing care fees, government assessments, income and assets, and what happens to the family home.
Families are often dealing with several changes at once when aged care decisions arise. Having a clear understanding of the financial considerations can help them work through the choices in front of them.
Depending on your circumstances, you may need to consider:
- Accommodation costs, including whether to pay a Refundable Accommodation Deposit (RAD), Daily Accommodation Payment (DAP), or a combination of both
- Ongoing aged care fees and how they may be assessed
- Your family home and whether keeping, selling or renting it may affect your financial position
- Centrelink or Department of Veterans’ Affairs considerations
- Your income, investments and other assets and how they may contribute to funding care
- Estate planning considerations and the longer-term impact of financial decisions
There is no single approach that suits every person or family. The right strategy depends on your circumstances, available assets, income needs and longer-term priorities.
Aged care financial advice can help you understand the costs of care, assess different funding options and consider how decisions about home, income and assets may affect your overall financial position.
How We Can Help With Aged Care
Every aged care situation is different. Some families are planning ahead, while others need to make decisions quickly following a change in health or circumstances.
At Ascent Wealth Solutions, we help you understand the financial implications of the options available and how they fit with your broader financial position.
Depending on your circumstances, this may include:
Every aged care situation is different. Some families are planning ahead, while others need to make decisions quickly following a change in health or circumstances.
At Ascent Wealth Solutions, we help you understand the financial implications of the options available and how they fit with your broader financial position.
Depending on your circumstances, this may include:
Comparing different ways to fund accommodation payments
Considering the financial implications of keeping, selling or renting the family home
Considering the financial implications of one or both parents needing care
Reviewing income, investments and other assets that may help fund care
Understanding relevant Centrelink or Department of Veterans’ Affairs considerations
Looking at how different decisions may affect cash flow and longer-term financial security
Working alongside family members and other professionals involved in the aged care process
Our role is not to make the decision for you. It is to help you understand your options, the potential trade-offs and what each path may mean for your circumstances.
Making Complex Decisions Easier to Understand
Aged care can involve unfamiliar terminology, financial assessments and several decisions happening at once. Steph takes the time to explain these considerations in plain English, so you and your family can move forward with a clearer understanding of the choices in front of you.
When Should You Seek Aged Care Financial Advice?
You do not need to wait until a move into aged care becomes urgent to start considering the financial side.
For some families, advice begins while a parent or loved one is still living independently and the family wants to understand what may lie ahead. For others, the need for advice comes more suddenly, following a hospital stay, a change in health or a decision that residential aged care is now required.
Seeking advice earlier can give you more time to understand the options available and consider the financial implications before important decisions need to be made.
You may benefit from aged care financial advice if:
A parent, partner or family member is considering residential aged care
You are considering whether to keep, sell or rent the family home
You are trying to understand aged care fees and accommodation costs
You want to understand how income and assets may affect the cost of care
You need to decide how an accommodation payment may be funded
You are helping a family member make financial decisions and are unsure where to begin
Sometimes the first step is simply understanding
which decisions need to be made now and which can wait
Aged Care With Stephanie Yeung
Aged care decisions often sit at the intersection of family, finances and changing personal circumstances. Having someone who understands both the financial planning process and the aged care system can help make those decisions easier to work through.
Stephanie Yeung is a Certified Financial Planner® and Accredited Aged Care Specialist. She supports individuals and families as they consider the financial side of aged care, whether they are planning ahead or preparing for a move into care.
Rather than looking at one decision in isolation, Steph considers how the different pieces fit together, including accommodation costs, cash flow, the family home, investments, government benefits and longer-term financial needs.
Steph takes the time to talk through the options in plain English and explain what they could mean financially for your circumstances. The aim is to make sure you understand your choices before deciding what comes next.
Advice That Considers the Bigger Picture
A decision about aged care can affect more than the immediate cost of care. It may also influence income, investments, government entitlements, estate planning considerations and the financial position of a partner who remains at home.
Looking at these areas together can help avoid making one financial decision without understanding how it may affect another.
What to Expect From the Aged Care Advice Process
Aged care decisions can involve several moving parts. Our process is designed to help you work through them in a clear and practical way.
- Understand Your Situation
We start by discussing your circumstances, concerns and the decisions you need to make. - Review Your Options
We look at the relevant costs, assets, income, family home and available funding options. - Consider the Financial Impact
We talk through how each option could affect your cash flow, government entitlements and overall finances. - Move Forward With Clarity
Once the options are clear, you can make informed decisions about the next steps for you or your family.
Frequently Asked Questions
What does an aged care financial adviser help with?
An aged care financial adviser can help you understand accommodation costs, ongoing fees, funding options and how decisions involving income, assets and the family home may affect your financial position.
Should I sell the family home to pay for aged care?
Not necessarily. Whether to keep, sell or rent the family home depends on individual circumstances, including care costs, cash flow, assets and longer-term financial needs.
What are RAD and DAP in aged care?
A Refundable Accommodation Deposit (RAD) is a lump-sum accommodation payment, while a Daily Accommodation Payment (DAP) is an ongoing payment. Depending on the circumstances, a combination of the two may also be possible.
When should I seek aged care financial advice?
You can seek advice before care is required or when circumstances change unexpectedly. Starting earlier may provide more time to understand the available options before important financial decisions need to be made.
Can family members be involved in the aged care advice process?
Yes. With the appropriate consent and authority, family members can be involved in discussions, particularly when they are helping a parent, partner or loved one navigate aged care decisions.
Does it make any difference if my pension is Super-based?
Yes. With the appropriate consent and authority, family members can be involved in discussions, particularly when they are helping a parent, partner or loved one navigate aged care decisions.