What Costs Are Associated With Aged Care?
Often Aged Care can be a complex and daunting process for any family to face. Not only is it emotionally tough, but financially it can be confusing. The costs and fees associated with Aged Care come in all shapes and sizes and choosing the right option comes down to budget, personal preferences and needs.
The first thing to work out the best living situation for the person in question. You may want to stay at home or are looking at longer-term residential care.
Once this is decided, then eligibility, care needs and financial situations will be assessed. These processes usually take quite some time so it is prudent to plan ahead.
If at home care is the avenue you or your loved one will have to take, then there are two types of home care that are offered:
- Entry Level Care
- Complex Care
What you can expect to pay:
- A basic daily fee
- An income tested fee
To make sure you can access the help you need at an affordable price, the government subsidises a variety of organisations across Australia. If you are eligible, you’re expected to contribute to the cost of your care if you can afford to. The cost depends on the type of support and the provider. Simple services like house cleaning and meals might cost a few dollars. More complex services like renovation work will cost much more. Each service provider will set their own price.
If you or a loved one cannot live at home, the other option is to take up residency in an aged care facility. This can either be a short or long term stay.
What you can expect to pay:
- A basic daily fee
- An income tested fee
- Accommodation payment
Fees are worked out by a means assessment – this is dependent on the place you choose and an assessment of your income and assets. If you would like guidance and advice around aged care costs, speak to our Financial Advisers who can take you from looking for a facility to fully setup financially.