Understanding the cost of aged care: A carers’ guide

If you’re a carer, ensuring you find the best possible care for your loved one is certainly at the top of your priorities. When it comes to transitioning them into an aged care home, understanding the financial aspects will help you make the most informed decisions. 

To help you gain a better understanding, let’s explore the ins and outs of the financial aspects of moving into aged care, with valuable insights into government subsidies, fee structures, budgeting tips and planning for the future. 

Understanding government subsidies

Government subsidies can help make aged care living more accessible and ease financial pressure for loved ones moving out of their own home. It’s important to gain a good understanding of the criteria for eligibility, the My Aged Care application process and the types of assistance available. Our team at HillView Care can help guide you through some of these steps and ensure you get access to the information you need. 

Decoding aged care fees

When you’re not familiar with aged care, the fee structures can seem quite complex. As a carer, understanding the fees can help simplify it for your loved ones. 

Here’s a brief overview of potential expenses:

• Basic daily fee: This fee is updated by the government on 20 March and 20 September annually, and it’s paid directly to your chosen provider.
• Means-tested care fee: Government subsidy covers this fee, based on your individual assessment.
• Accommodation fee: Government subsidy also covers the accommodation fee, ensuring your loved one’s comfort.
• Extra service fees: Not covered by government subsidy, these fees might apply for additional services.
• Additional service fees: Similarly, these fees aren’t covered by government subsidies and could pertain to special services.

Learn more by visiting the Australian Government, Department of Health and Aged Care website. 

Find out how the aged care assessment works.

Budgeting for aged care

Budgeting is a fundamental aspect of preparing for aged care living. A well-thought-out budget will help your loved ones navigate the financial landscape of aged care and ensure they are prepared with no surprises. 

When loved ones move into aged care it’s not always about covering immediate expenses, it’s about ensuring their financial well-being is sustainable in the long run. They’ll need to have a budget to prepare for ongoing costs and fees and manage their future finances.

Professional financial planning

Some residents opt to seek guidance from a financial planner when making the transition into residential aged care living. This can help with long-term financial planning around matters including estate planning and investments to ensure their financial security throughout their aged care journey. 

Empowering your loved ones with the help of the team at HillView Care

As a carer, you can help your loved one to be financially ready to move into residential aged care on the Gold Coast. By understanding the government subsidies available to them, taking a close look at aged care fees and helping with budgets, you can take the steps to secure the best possible care for your loved ones. 

At HillView Care, we are here to assist you with any questions you have regarding the costs of aged care on the Gold Coast. We want to empower carers and our new residents with the knowledge and support to make the best decisions to ensure the best care available. 

Got questions? Contact our friendly aged care team online and we’ll do everything we can to help you with your queries.