It is recommended to seek financial advice before entering in to care. The Government’s Financial Information Service (FIS) is a free service available to everyone. FIS officers can show you how to make informed financial decisions.
They can also help you understand the financial implications of your aged care costs. You can call them on 132 300 or hit the link above.
Income and means assessments
Some of the fees and costs associated with aged care, depend on your financial situation. Check the My Aged Care website for their Income and Assets Checklist
To work out how much you’ll pay for aged care, if they don’t already have them, you’ll need to give your financial details to the Government organisation Services Australia (formerly Department of Human Services). Depending on your situation, there are different forms to fill out.
If you don’t own the home you live in and get a relevant income support payment from Services Australia or DVA, you don’t need to supply any additional information as they will have it. However, you’ll need to make sure your financial details are up to date with them before you move into aged care.
Your aged care provider will tell Services Australia when you move into care. When this happens, they’ll use your financial details to work out how much you’ll pay towards your aged care costs and then send you a letter with this information.
If Services Australia don’t have your financial details, you’ll need to apply for an aged care calculation of your cost of care.
If you get a relevant income support payment from Services Australia or DVA AND you own your home:
Residential Aged Care Property details for Centrelink and DVA customers form (SA485)
If you don’t get a relevant income support payment from Services Australia or DVA:
Residential Aged Care Calculation of your cost of care form (SA457)
Will they take my pension?
No, the pension continues to go into your nominated account as always. You, or your family, then set up a payment to the aged care home for the agreed-upon fees.