A financial plan for aged care

When a loved one moves into aged care, the whole family can find it to be an emotionally and financially difficult journey.

A financial planner can cut through the complexity to help you understand the process for entering aged care, whether it be home or residential. They can also help you explore the funding options available, as well as structuring your finances so you or your loved one can make the change a smooth transition. 

Get the right advice

Assessing your needs

Determine the level of care needed and choose the right option.

A financial planner can explain the types of care available, and different options to pay for them.

Managing the costs

Structure your finances to take care of upfront and ongoing care expenses, without financial stress.

A financial planner can help you work out the best way to pay any upfront accommodation costs and create a cash flow plan for future expenses. 

Claiming benefits

Manage your Centrelink entitlements and understand how your care may impact them.

A financial planner can make sure you receive the maximum age pension you’re entitled to, plus any other government benefits. 

Managing the family home

Moving into aged care often includes deciding whether to sell or rent out the family home to cover the care costs.

A financial planner can explain the financial implications of each option so you can work out what’s best for you and your family.

Sharing your wealth

Create an estate plan so your loved ones will be taken care of, now and in the future.

 A financial planner can work with your solicitor and accountant to make sure you or your loved ones wishes will be carried out when the time comes.

Types of aged care

Elderly couple hugging

Home support

Maintain your independence while getting the services you need in your own home. You can choose what you need and pay for each service individually.

This could include household tasks, transport to appointments or help getting any equipment you need.

Grandmother and grandson

Home care packages

In-home assistance provides comprehensive services for people with more complex health care needs.

You pay a basic daily fee for services – such as showering, meal preparation and nursing care – but you stay in your own home and professionals come to you.

Carer and resident

Residential aged care

Residential aged care provides permanent accommodation and care if you or a loved one can no longer cope with living at home.

Services may vary from one facility to the next, but as a minimum will include meals, showering, nursing and activities.

How does financial planning work?

1. Get in touch

Make an appointment to meet with one of our qualified financial planners. Your first meeting is completely obligation-free and will be at a branch or over the phone.

2. Your first meeting

Get to know your planner and discuss your financial situation and goals. They will explain any costs involved in building your financial plan.

3. Building your plan

If you agree, your planner prepares a tailored financial plan, with strategies to help you reach your goals.

4. Implementing your plan

Your planner presents your plan with their recommendations. If you proceed, your planner puts your plan into action.

5. Staying on track

Over time, your circumstances may change so reviewing your plan regularly can help keep it on track. Contact your financial planner to arrange a review.

What does it cost?

Tailored to suit you

Each plan is tailored to suit individual circumstances so costs vary. Your first appointment with a financial planner is obligation-free and your planner will clearly explain the costs involved up front.

Ways you can pay

There are a number of different ways you can pay for your plan - including direct debit via your bank account, by credit card or through your super account. Speak to your planner about how you might use one of these options to pay for your plan.

Ready to talk to someone?

Get in touch today to plan your financial future.

Request an appointment

Keep reading

Personalised advice to secure your future

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Helping your parents plan for aged care

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Navigating the options of aged care

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Estate planning: a checklist

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Things you should know

This web page contains general advice only. It was prepared without taking into account your objectives, financial situation or needs. You should talk to a financial planner before making a financial decision. Commonwealth Financial Planners are representatives of Commonwealth Financial Planning Limited ABN 65 003 900 169, AFSL 231139, a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124. While care has been taken in the preparation of this web page, no liability is accepted by Commonwealth Financial Planning, its related entities, agents and employees for any loss arising from reliance on the content.