For many families, the topic of aged care is the elephant in the room, a conversation often postponed until a crisis forces the hand.
Moving into an aged care facility is more than a change of address, it’s a new way of life and a significant emotional transition. Often, this shift arrives suddenly, a hospital stay or a change in health can quickly move families into making major lifestyle decisions under immense pressure. In these moments, the process can feel overwhelming and rushed.
But with early awareness and timely advice, aged care does not need to be chaotic. In fact, it can be planned for in a way that protects both your financial wellbeing and your family’s peace of mind.
The rules are always evolving
Aged care is not a static system. The rules, fee structures, and Centrelink assessments change over time. This means decisions based on outdated information, or well-meaning advice from family or friends, can lead to unintended outcomes. What worked for someone else, may not work for you.
That is why current, personalised advice is so important before making any major decisions.
Simplicity and flexibility matter most
When planning for aged care, certainty is limited, particularly for couples where circumstances may evolve at different speeds.
Most people do not know:
- What level of care they will need
- When they will need it
- Whether one or both partners may require care
Because of this, flexibility and liquidity become essential. Overly complex financial structures can reduce options later. In many cases, having access to funds when needed is more valuable than trying to “optimise” every outcome too early.
Importantly, the aged care system is designed to assess financial positions broadly. Attempts to restructure assets purely to reduce fees can often lead to unintended consequences.
The value of early strategy
Good advice can make a meaningful difference to both cost and confidence. By thoughtfully reviewing your position before entering permanent care, families can:
- Avoid unexpected aged care fees: Ensuring there are no surprises when the first invoice arrives.
- Improve cashflow management: Creating a sustainable plan for daily living costs.
- Reduce unnecessary tax and Centrelink impacts: Aligning your assets with current regulations.
- Preserve family harmony: Having a clear plan reduces the emotional burden on adult children.
Importantly, the earlier this advice is sought, the more options remain on the table. Once decisions are made under pressure, flexibility is often reduced.
Aged care is more affordable than you think
While costs can feel daunting, they are assessed based on your financial position. With the right structure and strategy, care can be more manageable than expected.
The system is designed so that contributions are linked to income and assets, and most people pay less than the full cost of care. While costs should be planned for, the system does include safeguards to ensure care remains accessible for everyone.
A real example of the value of advice
We recently worked with a family who sought our help after receiving an aged care invoice of approximately $130,000 for a loved one’s care.
The situation involved information that had been provided to Centrelink several years earlier. Over time, the person was reassessed as no longer eligible for low-means status, resulting in significantly higher fees being back-dated.
Our role was to help the family understand how the fees and entitlements had been calculated, how the Centrelink assessments had changed over time, and more importantly, what options were available moving forward.
With some forethought and planning, there may have been opportunities to:
- Reduce aged care fees so that there were minimal out-of-pocket costs, potentially saving over $130,000 over time.
- Maximise pension entitlements, with potential additional benefits of up to approximately $100,000.
Engaging with an adviser early provides the clarity needed to reduce stress, allowing families to remain present for one another rather than navigating complex financial systems alone.
Plan for Tomorrow by Taking Action Today
If aged care is something you are thinking about for yourself or a loved one, the best time to seek advice is before decisions are made under pressure.
Treysta Wealth’s aged care specialists can help you understand the fees, structure your assets appropriately, and bring clarity to what is often a complex and emotional process. The right advice can help reduce stress, avoid costly mistakes, and ensure you are making informed decisions with confidence.
Book your initial call with Treysta Wealth today and take the first step toward a clearer plan for aged care.
Written by Mark Nagle, Co-CEO and Executive Director at Treysta Wealth
