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Aged Care Advice - aged care

 Aged Care Advice

Make informed decisions with professional Aged Care Financial Advice

When the time comes for you or a loved one to transition into residential aged care, many find it to be a complicated and challenging time.

With the aging population steadily growing, more and more senior adults must contemplate the possibility of navigating the complex area of aged care. These facilities are essential to support the elderly – providing them with their basic needs, healthcare, safety, accommodation, and companionship. They offer a way to help seniors be more independent, healthy, and connected.

During this time of emotional upheaval, you may feel confronted with multiple meetings with providers and what appears to be endless paperwork. The unfamiliar process requires effective decision-making, and it can take a toll on everyone involved.

Imagine if you didn’t need to navigate the aged care system alone.

The experienced Financial Advisers at Coastal Advice Group are here to support you, whether you are:

  • Advance care planning for your future,
  • In a position where you need urgent assistance for your own placement, or
  • Responsible for finding aged care placement for a loved one.

According to Aged Care Steps, by the age of 65, over half of the population will need to access aged care services for the future1:

  • Females are 68% likely to need services in their lifetime
  • Males are 48% likely to need services in their lifetime

With expert advice from an accredited aged care specialist, you can smoothly navigate the whole aged care process and create effective financial solutions that provide peace of mind and an ideal lifestyle for you and your loved ones.

How Aged Care Financial Advice can help you

Aged Care Advice - aged care

Whether there are questions about the requirements for accommodation eligibility, an explanation of how the assessment will be conducted, or detailed information on the range of accommodation options, the professional services of Coastal Advice Group can provide assistance through helpful information and valuable advice.

They can advise you and your family members on:

  • The entry costs and ongoing fees of accommodation
  • How Centrelink entitlements and ongoing income may be affected
  • What may happen to the family home
  • How investment products and finances can be structured to ensure long-term funding, capital security, and tax efficiency
  • How an accommodation placement may affect current Estate Planning arrangements

Let’s work together to achieve a positive outcome!

Aged Care Advice - aged care

The financial advisers at Coastal Advice Group financial adviser will work with you, your family, solicitors, accountants, and facilities throughout the whole process to achieve the following outcomes for you:

  • Provide you with the appropriate information to help you negotiate placement with a facility under an acceptable fee structure for your financial situation.
  • Decide on the most favourable strategy for the family home to optimise accommodation costs and age pension entitlements.
  • Calculate if an accommodation payment or contribution is payable and how you can effectively structure your personal wealth to fund this from your cash flow.
  • Evaluate options for paying a refundable accommodation deposit or daily accommodation fees while ensuring that Centrelink benefits are not negatively affected.
  • Determine how ongoing accommodation fees can be minimised and entitlements can be maximised, through the effective structuring of investment products and implementation of a tailored aged care financial planning strategy.
  • Maximise access to additional benefits, such as the Commonwealth Seniors’ Health Card.
  • Create a personalised financial planning strategy to structure financial and personal assets to maximise tax efficiency.
  • Structure your Estate Plan to ensure the transfer of your assets to beneficiaries in line with your directives.
  • Perform a regular strategy review to maintain the effectiveness of your tailored strategy.

Enjoy Peace of Mind with Our Help!

Coastal Advice Group can work with you and your loved ones to ensure your strategy is completed in a timely and stress-free manner so that you can focus on what matters most.

Once you or your family member are settled into appropriate accommodation, you can relax knowing that you or your loved one have a quality of life in appropriate care, achieved with financial efficiency and peace of mind knowing there is a financial strategy to take care of the future.

The support of an accredited financial planner who has experience in Aged Care Financial Advice relieves the pressure and gives you confidence and peace of mind to know you are making the best choices for your personal circumstances – the value to you can be significant.

Our advice is fee-for-service, based on the time taken to prepare and provide the advice you require.

If you would like to work with our expert Aged Care Advice and Support Team, the minimum fee is $4,400 incl. GST and includes:

  • A complimentary first meeting.
  • Completion of our Aged Care Questionnaire.
  • Review of the Questionnaire and follow-up discussion if required.
  • Research and preparation of a Comprehensive Strategy Paper specific to your individual circumstances.
  • The final meeting includes a presentation of the Strategy Paper, answering any questions you may have and discussing any associated issues.

When it is time for you to plan for your or your loved one’s Aged Care needs, Coastal Advice Group can provide the specialist financial planning, expert knowledge and guidance you need to help you make the right financial decisions for a future of comfort, peace of mind, and happiness. We have offices located in Newcastle, the Central Coast, Sydney, Port Macquarie and Byron Bay.

Frequently Asked Questions About Life Insurance

Approximately one-quarter of your retirement is expected to be “care years” where help may be needed with daily living activities but this doesn’t necessarily mean moving to an assisted living facility. Many elderly people choose to bring support into their homes through home care package.

Commonwealth Home Support Programme

If you’re having trouble with everyday tasks and feel that a little support could improve your health and wellbeing, you could be eligible for support via the Commonwealth Home Support Programme. CHSP service providers receive funding from the Australian Government, which they use to provide subsidised aged care services. When you receive CHSP services, you pay a contribution to help with the cost of services. You will never be asked to cover the full cost.

Home Care Package

When you have more complex care needs that go beyond what the Commonwealth Home Support Programme can provide a Home Care Package may be more suitable for your needs. Home care packages are tiered into four packages and the costs increase as your required level of care increases. Your Home Care Package is funded through an Australian Government subsidy, your contribution, your basic daily fee, your income-tested care fee, and any additional fees you agree to.

What aged care fees must be paid when entering assisted care accommodation?

When the time comes to move into assisted care accommodation, the resident must pay the following basic fees:

  • Basic Daily Expenses:

Daily resident fees cover the person’s living expenses, and it’s set at 85% of the basic single age pension. The maximum daily fee is currently $53.56 per day, and the costs include the individual’s essentials, such as food, utilities, laundry, and care. Depending on the facility, the prices for care and accommodation may be separate.

Some facilities also offer additional services or extra services wherein they require additional costs. You may have to pay more for upgrades in meal choices, special activities, daily newspaper delivery, linen, room furnishings and other added facilities and services. These additional or extra service fees will depend on the facility and are not subsidised by the government.

  • Accommodation Costs:

Accommodation costs are the expenses that cover the place you occupy. There are various options on how you can pay these fees, such as a daily rate similar to rent, a Refundable Accommodation Deposit (RAD), or a combination of both.

The RAD is a lump sum payment for accommodation, and you can ask the facility to deduct certain amounts from what you’ve already paid. When you leave the aged care home, the RAD will be refunded to your estate, minus what you’ve already used.

  • Means-Tested Care Fees:

A means-tested care fee is an additional contribution you may need to pay on top of the basic fee. The facility will conduct a means assessment to determine whether or not you have to pay for this expense. The price you have to pay depends on your income and assets, and it can range from $0 to $259.26 a day. Annual and lifetime caps apply for means-tested fees.

The requirements for entering assisted living accommodation, the expenses you will incur, and where your savings will go can be confusing and subject to false assumptions. Retirees have a common misconception that once they join an assisted care facility, money, investments, and property are no longer theirs. However, this will stay yours until you decide differently.

Moving into an assisted care facility should not affect your financial situation unless your wealth is poorly handled. It is recommended that you seek specialist aged care financial planning before finalising any plans.

If you are moving into Aged Care, you may be thinking of selling your home to pay for the bond/RAD (Refundable Accommodation Deposit).  

Or maybe you’re thinking of renting your home out to help you pay for the ongoing costs? 

The choice you make with your property can affect your pension, tax, and care fees. It is important to consider the financial and tax implications. 

According to ASIC (Australian Securities & Investments Commission), here are some things you should consider when making the decision about your home1. 

If you sell your home…

Its value will count towards the Age Pension assets test.

If you rent out your home…

Its value may count towards the Age Pension test depending on when you moved into aged care.

If you keep your home without renting it out…

It is exempt from the Age Pension assets test for 2 years from the date you moved into aged care.


It’s important to note that the table above is only a general guide – specialist aged care financial planning can help you determine what the detailed implication are for your situation.

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