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Understanding Aged Care

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CEO Update

Getting older is a fact of life and many of us will require some assistance care at some stage.

Choosing an aged care service can be overwhelming. Whether it's for yourself or a loved one, an adviser can help to guide you through. It's never too early or late to have this important to start understanding Aged Care services.

Navigating aged care services involves:

  1. Understanding the level of care needed.
  2. Learning about the types of care available
  3. Discovering how much it will cost

Understanding the level of care

A good first step in deciding which option of care may be best suited to your needs is to contact the Aged Care Assessment Team (ACAT, or ACAS in Victoria). This is a free national service that will assess the level of care needed and help organise access to appropriate support. You need to register for this service first by phoning My Aged Care on 1800 200 422.

You then need to make a decision about which service or provider may be best for you. Along with the ACAT, another good place to start is by going to – it’s a one stop shop for information.

Types of care

There are many different services that may allow you to stay in your own home longer, including Home and Community Care (HACC) providing services such as nurse visits, or Home Care Packages where providers organise a range of services for you. Access to home care packages must be approved by ACAT.

Cost of Residential Aged Care Facilities

Your Residential Aged Care provider may ask you to pay:

  • A basic daily fee which covers day-to-day living costs such as meals, power and laundry. Everyone moving into an aged care home can be asked to pay this fee.
  • A means-tested care fee that contributes towards the cost of your care. The Department of Human Services will advise if you need to pay this fee based on an assessment of your income and assets.
  • Accommodation costs - some people will have their accommodation costs paid in full or in part by the Australian Government, while others will need to pay the accommodation price agreed with the aged care home. The Department of Human Services will tell you which applies to you based on an assessment of your income and assets.
  • Fees for extra and additional services - For example, some aged care facilities can offer you a wider selection of meals, entertainment options (such as internet or pay TV).

A financial adviser can help you plan your aged care needs and the process for getting you or your loved ones into the right care. To learn more about how we can help you plan for this transition call us on 1300 787 787 to book an appointment with one of our financial planners.


Qudos Mutual Limited trading as Qudos Bank ABN 53 087 650 557 AFSL/Australian Credit Licence 238 305. The information in this article is of a general nature and has been prepared without considering your objectives, financial situation or needs. Before acting on the information, consider its appropriateness to your circumstances.

Our Financial Planners are Authorised Representatives and provide advice under the authority of ClearView Financial Advice Pty Ltd, ABN 89 133 593 012, AFSL 331 367. Qudos Bank receives a commission for referrals to ClearView. You should read any relevant product disclosure statement, our Financial Services Guide and ClearView’s Financial Services Guide before deciding to acquire or hold any product. Further information on how ClearView handles your personal information is explained in the ClearView Privacy Policy. These documents are available on our website.


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