Preparing your finances

Before you can start looking for aged care services, you will need to understand your current financial situation and how you will be paying towards the cost of your care.

No matter your financial situation, you will always be able to access aged care services, even if you are financially disadvantaged.

You will need to fill out a form through Services Australia to see what you will pay towards your aged care services. 

If you receive income support from Centrelink or the Department of Veterans' Affairs (DVA), you only need to let them know that you are interested in accessing aged care and then will do the rest for you.

Depending on the services you are found eligible for, your financial situation will be subject to an income test for home care and a means test for residential aged care. This will determine how much you need to contribute towards the cost of your care or accommodation.

It's ideal that you have an idea of your current financial situation, what you plan to do with your house, and how you intend to pay for aged care.

Seeking the help of a financial advisor can greatly assist in organising your financial affairs for aged care services.