The Importance of Aged Care Planning

The journey into Aged Care is a challenging and emotional time, not only for the person who is moving into care but also for their family members. Aged Care choices are complex, and making the wrong decisions in haste can come at a high price, both emotionally and financially. Planning ahead and understanding your options early can help make the transition to aged care a smoother and more positive experience for everyone.

Understanding and Maximising your Financial Position

The cost of Aged Care can vary dramatically and the amount you pay will depend on your personal situation and the type of care you require.  The Government provides funding for aged care and your requirement to contribute will depend on your assessable assets and income. Understanding these complexities and navigating this system means that access to professional advice is critical.

How can Morrows help?

Our team of aged care financial advisors provide tailored advice so you and your family understand:

• The viability of you living in your own home with assistance.
• Your options for funding Aged Care facility entry costs if living at home is not viable.
• Your potential to reduce ongoing fees.
• The impact of your decisions on any Centrelink or Department of Veteran Affairs pension entitlements.

Recent Changes to the Aged Care Facility System

There have been some recent changes to aged care fees and Government support. While some people will see their fees increase, the good news is that aged care remains heavily subsidised. Fees will continue to be based on an individual’s financial situation to help maintain affordability. 

Here’s what we know so far:

• The government will continue to cover 73% of the cost of residential care and 89% of the cost of home care. 

• These changes are designed to improve aged care quality and help providers meet growing demand. 

• Most changes will only apply to people starting home care or entering residential care from 1 July 2025. 

Read our blog, Changes in Aged Care are coming – Will Aged Care Cost More? for the latest changes.

How Morrows Can Help

Don’t wait for a crisis to start aged care planning. The earlier you begin, the more control you have over your choices and financial security. Contact your Morrows Aged Care advisor at (03) 9690 5700 to start developing a comprehensive aged care plan.

By acting early, you can approach aged care decisions with confidence and peace of mind, knowing you have prepared for the future in the best possible way.

IMPORTANT INFORMATION: The information is general only and has been prepared without consideration of your individual objectives, financial situation or needs. Before making any decisions, you should consider the appropriateness of your personal investment objectives, financial situation or individual needs. We recommend you speak to your financial adviser, registered tax agent or legal adviser before making any decisions based on this information.  

Want to learn more? Download Our FREE Aged Care Guide!

To understand more about the aged care process, the fees and key considerations, please complete the form below to access our Aged Care Planning Guide.

If you need further assistance, please reach out, our Morrows Advisors are more than happy to help you and your loved ones.