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Balance Retirement & Aged Care Specialists

What options do we have?

  • Firstly, find out whether the person could be a Supported resident or not, because If they could be supported & the aged care facility is prepared to accept them as a Supported resident, & that facility “ticks your boxes”, then that could save you thousands of dollars per annum.
  • Then you have the choice of paying for your Accommodation as a;
    • RAD (Refundable Accommodation Deposit) or Lump Sum or
    • DAP (Daily Accommodation Payment) where interest is charged at a government prescribed rate instead of paying the Lump Sum or
    • Combination of both RAD & DAP

There is no one best way to go, it will depend purely on your objectives

  • Finally, you have the choice of how you structure your financial situation
    • Whether you sell your home or
    • Rent your home or
    • Rent your home to family or friends at a nominal rental or
    • Going to an aged care facility that has a bigger bond may even deliver a better outcome? or
    • Sell other assets e.g. superannuation, or other property, or sell shares or managed investments, keeping in mind there may be capital gains tax consequences or income tax consequences, or pension consequences to any of these actions or
    • Borrow the RAD from the bank or
    • Borrow the RAD from family, keep in mind the impact this might have on the Means Tested Fee (MTF)
    • Insurance Options
    • Selling part of your home to a family member to retain part ownership of the home, & let a family member get into the Property market
    • Considering remaining at home & getting home care instead of residential aged care
    • Consider a granny flat option, with or without care at home

The bottom line is, there are many possible alternatives, some of which you might not have considered, & some may deliver a better financial outcome than you thought. Or some people have found out that some of their assumptions were wrong (based on what others have told them) & doing something completely different was more to their liking.

All we suggest is that you keep an open mind

Having an Aged Care Options appointment shows you not only how aged care is going to work in your case, but also what are all the options, & shows you the financial outcome of various options & allows you to make an informed choice.

    Contact Balance Aged Care Specialists in regards to Aged Care Financial






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