Aged Care
Aged Care Financial Planning
Guidance to help you understand aged care costs, options, and how these decisions fit within your broader financial position.
- Assessment of RAD, DAP and accommodation funding options
- Consideration of asset structuring and Centrelink implications
- Coordinating aged care costs within your broader financial position
Understanding Aged Care Costs and Options
- Confusing accommodation fees
- Unsure about government support
- Worried about selling family home
- No clear financial roadmap
Aged care decisions often involve complex financial considerations. We provide guidance to help you understand the costs, available options, and how these decisions fit within your broader financial position.
Our Approach
Our Approach to Aged Care Planning
We work with you to determine an appropriate financial approach, including funding accommodation costs, managing ongoing cash flow, reviewing options for the family home, and assessing Centrelink implications.
Where appropriate, we can provide a detailed Aged Care Strategy Paper outlining funding options, projected outcomes and key considerations to support informed decision-making.
Personalised Care Planning
Aged care strategies developed around your financial position and care requirements. We help structure funding arrangements to ensure care is appropriate, sustainable and aligned with your family’s broader financial position.
Government Entitlement Guidance
Guidance to help you understand and access relevant government aged care benefits. We assess eligibility, explain fee structures and ensure available entitlements are incorporated into your overall funding strategy.
RAD Assessments
Assessment of Refundable Accommodation Deposit (RAD) options to determine the most appropriate funding approach while preserving assets and supporting cash flow.
SOA or Strategy Document
Preparation of a tailored Statement of Advice or Aged Care Strategy Document outlining recommended funding options, projected financial impacts and key considerations to support informed family decision-making.
Family Considerations
Advice that takes into account family circumstances and broader financial implications
Transparent Costs
Clear, upfront fee structure with no hidden costs, ensuring complete trust and clarity.
Our Proven Aged Care Advisory Process
01
Initial Consultation
We assess your current circumstances, including care needs, financial position, and family considerations, to understand the options available.
02
Scope & Quote
We outline the scope of advice and associated costs, including whether a strategy paper or a Statement of Advice (SoA) is appropriate based on the complexity of your situation.
03
Strategy Development
We develop a considered aged care strategy, taking into account accommodation options, costs, Centrelink implications, and your broader financial position.
04
Plan Presentation
We present our recommendations, clearly explaining the available options, associated costs, and the implications of each approach.
05
Implementation & Support
We assist with implementing the agreed strategy and provide ongoing support, helping you navigate applications, decisions, and any changes in circumstances over time.
Why Choose Greybox Wealth
- 30+ Years Experience
- Specialist Aged Care Advisers
- Self Licensed Advice Business
- Aged Care Strategy Experience
- Ongoing Family Support
Meet Your Aged Care Financial Adviser
Phillip Monaghan
Phillip’s extensive experience in the financial services industry covers 20 + years across various advising and management roles.
Phillip has spent the majority of his advising career working with clients transitioning into retirement and utilising superannuation and Centrelink to maximise his clients retirement outcomes.
Outside of work, Phil can be found at home looking after his horses and spending time with his wife and two daughters.
Marty Southcombe
Marty has worked in the financial services industry for the past 10 years, starting with the Commonwealth Bank and moving into various other roles within the superannuation industry and the private sector.
Marty has had broad exposure to the financial advice industry. From providing advice on protection needs, to helping clients transition to retirement, and managing wealth portfolios on an ongoing basis.
Marty enjoys spending time with his young family or down at his local – The Golden Square Hotel.
SUCCESS STORIES
How We’ve Helped Families Navigate Aged Care
Age Care Advice
Funding the RAD
Before
Family unsure whether to pay the full RAD, keep the family home, or use a combination of assets to fund aged care accommodation.
Strategy
Modelled RAD vs DAP options, assessed Centrelink implications, reviewed the treatment of the former home, and structured funding to protect estate value while maintaining cash flow
Result
Secured appropriate accommodation, reduced ongoing fees, preserved family assets and provided clarity for all family members.
Superannuation
Downsizer Contribution Strategy
Before
Client entering aged care with a family home and lower super balances, unsure whether to retain or sell the property
Strategy
Modelled the sale of the home, assessed Centrelink implications and implemented a downsizer contribution into superannuation to improve tax efficiency and restructure assessable assets.
Result
Improved super balances, increased income flexibility, and better positioned assets under aged care rules
Age Care Advice
Protecting the Estate
Before
Widowed parent entering care with significant assets but no clear funding plan, raising concerns about unnecessary fee impact and erosion of the estate
Strategy
Prepared an Aged Care Strategy Document outlining asset restructuring, RAD funding options, Centrelink positioning and estate considerations.
Result
Improved fee outcomes, protected a greater portion of the estate and delivered a structured, stress-reduced transition into care.
TESTIMONIALS
What Families Say About Our Aged Care Advice
Essential Aged Care Planning Tips
- Understand RAD & DAP Fees
- Review Pension Entitlements
- Protect Family Assets
- Compare Care Providers
- Plan Early
Frequently Asked Questions
How much does aged care cost?
Aged care costs can vary depending on the level of care required, the facility chosen and individual financial circumstances. Fees may include a basic daily care fee, a means-tested care fee and accommodation costs, which can be paid as a RAD, DAP, or a combination of both.
Government subsidies are typically influenced by assessable income and assets, so overall costs can differ from one person to another.
Do I need to sell my home?
Selling the home is not always required when entering aged care. The decision can depend on cash flow needs, asset position and how the property is assessed under aged care and Centrelink rules.
In some situations, retaining the home may be considered, while in others a sale may provide greater funding flexibility. The appropriate approach will vary based on individual circumstances.
What government help is available?
Government assistance may be available to help subsidise aged care costs, depending on an individual’s income, assets and level of care required. This can include Commonwealth subsidies paid directly to approved providers, as well as means-tested reductions in care fees.
Eligibility for support is generally assessed through Services Australia and can influence both ongoing care fees and accommodation costs. The level of assistance available can vary based on personal financial circumstances and care needs.
Can fees be reduced?
In some situations, aged care fees may be influenced by how income and assets are structured, as government assessments are generally based on an individual’s financial position.
Depending on the circumstances, there may be strategies available that affect how fees are calculated or how accommodation payments are funded. Outcomes can vary based on personal financial arrangements and eligibility under current aged care rules.
When should I seek advice?
Many families consider seeking advice when aged care first becomes a possibility, rather than waiting until a place is required urgently. Early planning can provide more time to assess funding options, understand potential costs and consider the impact on assets and estate arrangements.
Advice may also be helpful when selling the family home, structuring accommodation payments or reviewing Centrelink implications, as these decisions can influence long-term outcomes.
How much is Age Care Advice going to cost me?
An initial consultation fee applies for aged care advice, which will be clearly disclosed at the time you book your appointment. This meeting allows us to understand your circumstances, outline potential strategies and explain the scope of work involved.
If a formal Statement of Advice (SoA) or Aged Care Strategy Document is required, the associated fee will be outlined and agreed upon before any work proceeds, ensuring full transparency around costs.
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Arrange Aged Care Financial Advic
A clear approach to aged care planning, with guidance aligned to your circumstances and financial position.