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A Quick Overview of Your Aged Care Funding Strategy

Aged Care Funding is government assistance provided to individuals over 65 who require additional support and assistance with daily living. It is designed to help cover the cost of living in residential aged care facilities or receiving services in the home. It may include assistance with accommodation costs, care services, meals, transport, and other basic needs. The funding available depends on the individual’s income and assets and the type of aged care services they require.

Keep reading to learn about Aged Care Funding and how to get it as part of your retirement planning.

Who is Eligible for Aged Care Funding?

Aged care funding is a vital part of providing support to older adults in Australia. It is a government-funded program designed to assist those who have reached the age of 65 or over and need extra care and support.

A person must meet specific criteria to be eligible for aged care funding. These criteria are set out by the Australian Government Department of Health and include:

  1. Age: The person must be 65 or over.

  2. Financial Capacity: The person must have an annual income below the current asset test limit or assets below the allowable limit.

  3. Health Status: The person must be assessed as having a permanent disability, chronic illness or cognitive impairment.

  4. Care Needs: The person must require additional care and support from a health professional or registered provider.

  5. Residency: The person must be an Australian or permanent resident.

Once a person is assessed as eligible for aged care funding, they will be assigned a Care Manager to determine their needs and develop an appropriate care plan. This care plan will outline the support services and funding the person is entitled to receive.

How is Aged Care Funding Provided?

The Australian government provides aged care funding to help seniors, disabled people, and those with a disability receive care. This funding is offered through subsidies, grants and other financial assistance. It allows people to pay for aged care services and the support they need. This can include residential aged care, home care, and other services such as meals, transport, respite care, etc.

Additionally, the funding is available to those who meet the eligibility criteria and is allocated by the Department of Human Services. The Australian government also funds research, education and awareness about aged care services.

What are the Regulations for Aged Care Funding Options?

Aged care fees are subject to strict regulations to protect the rights of seniors and other consumers. These regulations ensure that individuals can access quality care at reasonable costs. The regulations also protect seniors from potential exploitation by care providers.

The fee structures for aged care services are designed to be flexible, allowing care facilities to adjust their fees to meet their financial pressures. These fee structures are based on the individual’s specific needs and the provided services. The regulations ensure that all care facilities charge the same fee for similar services.

The regulations also ensure that all care facilities adhere to the same standards of care. This includes the quality of care, the level of safety, and the availability of services. The regulations also ensure that all care providers are held to the same level of accountability and transparency.

To ensure consumer protection, aged care facilities must adhere to the regulations and maintain a high standard of care. This includes providing information about aged care fees, services, and other aspects. Care providers must also be transparent about their financial practices, including how they manage and use funds.


The Aged Care Funding Strategy is an excellent part of retirement planning to ensure that your loved ones are cared for in their later years. It is important to remember that this strategy is not a one size fits all solution and that you should tailor it to your specific needs and budget. Several options are available under the Aged Care Funding Strategy, and speaking to a financial advisor is essential to find the best option for you.

Swell Financial Planning provides comprehensive retirement planning services on the Gold Coast to help individuals and businesses achieve their financial goals. With their team of experienced advisors, they can help you identify the most suitable strategies for your particular needs. We also provide helpful advice and information about the various types of investments and insurance products available. Contact us today to ensure your assets and insurance are in good hands.


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