Planning for Aged Care: What You Need to Know

Many people carefully plan their retirement, but far fewer plan ahead for the possibility of needing aged care. Yet planning early can make a significant difference to your financial security and peace of mind later in life.

Most people want to remain independent for as long as possible and stay in control of where and how they live. However, as we age, everyday activities such as cooking, cleaning and personal care can become more difficult.

When this happens, you or a loved one may need additional support. This could involve receiving care at home or moving into residential aged care.

Understanding the options available and the financial implications involved can help you make more informed decisions if care becomes necessary.

Who Is Affected?

The rights outlined in the new Aged Care Act apply to everyone accessing aged care services.

However, the new fee rules will only apply to people who:

• move into residential aged care after 31 October 2025

• are approved for Home Care after 12 September 2024

People that received aged care services before these dates will generally be assessed under the previous fee arrangements.

Transitional Arrangements

The government introduced transitional rules to ensure people previously in receipt of care were not disadvantaged by the new legislation.

For example:

• people living in residential aged care before 1 November 2025 remain under the previous fee structure.

• people who were receiving or approved for a Home Care Package before 12 September 2024 pay discounted contributions rates under the new rules.

How Aged Care Specialists Can Help

Advice from professionals who specialise in aged care planning can help families make informed decisions during what is often a challenging life transition.

Accredited aged care professionals can help you:

• understand aged care fees and funding options.

• structure your assets to support care costs.

• protect your estate and financial position.

• navigate the aged care system with greater confidence.

Through the moneyGPS platform, you can connect with experienced aged care specialists from Aged Care Personal Advice who can guide you through the process.

Learn More About Aged Care Planning

Planning ahead can make a significant difference when aged care needs arise. Understanding your options and seeking professional guidance can help ensure you and your family make well-informed decisions.

Through the moneyGPS platform, you can access helpful resources and connect with aged care specialists who can guide you through your options and the financial considerations involved.

If you already have a moneyGPS account, simply log in to explore the available tools and connect with an aged care specialist. If you are new to moneyGPS, you can create a free account to get started and access the platform.

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