One of the most common responses we hear when raising the topic of aged care is:
“That’s not relevant to us yet.”
And in many cases, that’s technically true.
But here’s the reality — aged care decisions rarely arrive at a convenient time. They often come after a fall, a hospital admission, a health event or a sudden decline. And when decisions are made in crisis mode, options are narrower, costs can be higher, and stress is amplified.
Planning ahead changes everything.
The reality of aged care in Australia
The numbers alone should prompt proactive thinking:
- Around 290,000 Australians currently receive a Home Care Package
- 835,000 people access Commonwealth Home Support services
- Approximately 350,000 people are waiting for help at home
- Wait times from first My Aged Care contact to receiving support can exceed 12 months
- Around 200,000 people are in residential aged care today — and demand is expected to double over the next 20 years
- If you reach age 65, there is roughly a 30% chance you will enter residential aged care at some point
This isn’t a fringe issue. It’s a mainstream life stage.
And the system is complex.
The cost question — and the misconceptions
One of the biggest myths we hear is:
“We’ll have to sell the family home to pay for aged care.”
That’s not necessarily true.
Accommodation fees can be paid as:
- A lump sum (Refundable Accommodation Deposit – RAD)
- A daily payment (DAP)
- Or a combination of both
There are also strategies around retaining the home, borrowing, pension structuring, and funding options through superannuation or investments. The “right” answer depends entirely on:
- Pension status
- Asset position
- Cash flow
- Estate planning objectives
- Whether the home is retained or sold
The key takeaway? Paying the RAD is often more fee-efficient than many assume — particularly when structured correctly.
But these are decisions best made calmly, not in a hospital corridor.
Why family members need to be engaged
For many of our clients, this topic isn’t about them — it’s about their parents.
And here’s the honest truth: when aged care decisions need to be made, the responsibility almost always falls to the children.
If you are likely to:
- Attend assessment meetings
- Speak with My Aged Care
- Compare facilities
- Manage finances
- Sign documents under Power of Attorney
- Coordinate siblings
- And balance emotion with practicality
Then this topic is already relevant to you.
Encouraging your parents to get legal documents reviewed, register with My Aged Care early, nominate decision-makers, and organise financial information isn’t intrusive — it’s responsible.
Being “ahead of the game” reduces family stress and conflict, protects assets, and gives everyone more choice.
At q4 financial, we work with individuals and business owners to bring clarity across all aspects of their financial world — from accounting and tax through to financial planning and long-term strategy.
Estate Planning: The foundation most families delay
Aged care planning and estate planning are deeply connected — yet many families treat them separately, or avoid them altogether.
Clear, current legal documents can make an enormous difference when aged care decisions arise. This includes:
- Updated Wills
- Enduring Powers of Attorney
- Advance Health Directives
- Executor appointments
- Business succession planning (where relevant)
- Beneficiary reviews
At q4 financial, we offer a structured Estate Planning Package to help clients review, coordinate and implement these critical documents properly — not just “have something in place,” but ensure it aligns with their financial strategy and family intentions.
Because when documents are outdated, unclear or missing, the emotional and financial cost during a crisis can be significant.
Preparation is not about expecting the worst.
It’s about protecting the people you care about most.
Planning with clarity and confidence
At q4 financial, we see aged care planning as part of broader life and wealth strategy.
A financial adviser can help:
- Understand how the aged care system works
- Model the cost implications of different funding options
- Assess the impact on Age Pension entitlements
- Consider whether to retain or sell the family home
- Align aged care decisions with estate planning objectives
The goal is simple:
Reduce uncertainty. Improve outcomes. Support better decisions during an emotionally challenging time.
Learning from a specialist
For our recent Aged Care Information Session, we were joined by guest expert Shane Hayes, founder of Family Aged Care Advocates.
Shane works directly with families navigating the aged care system — advocating, challenging providers when needed, and guiding families through the practical realities of assessments, placements and negotiations.
His message was clear:
Aged care is complex. It is emotional. And it rewards preparation.
When financial strategy and specialist aged care advocacy work together, families are far better positioned.
Don’t wait for the crisis
If you or your parents are entering this phase — even if you/they are still independent — now is the time to:
- Review Powers of Attorney and estate planning documents
- Register with My Aged Care
- Organise key financial records
- Have early conversations about preferences
- Understand potential costs and funding strategies
Because once you’re in crisis mode, the system moves slowly — but decisions move quickly.
Being proactive isn’t pessimistic.
It’s protective.