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Navigating the New Aged Care Act: Why Getting Financial Advice Early Matters

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Navigating the New Aged Care Act: Why Getting Financial Advice Early Matters

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For most families, the move into aged care doesn't happen on anyone's ideal timeline. This is exactly the kind of situation an aged care financial advisor exists to help with. Good advice in this area doesn't stop at the aged care decision itself. It considers how a refundable account deposit (RAD) payment, ongoing fees, or changes to the family home fit into a family's broader financial picture, including retirement income, estate planning, and any other wealth creation services already in place. Treating the aged care decision as one part of a bigger financial picture, rather than an isolated problem to solve quickly, tends to produce far better outcomes for everyone involved.

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For most families, the move into aged care doesn't happen on anyone's ideal timeline. It often follows a health scare, a hospital stay, or a gradual realisation that living independently isn't safe anymore. In the middle of all that emotion, families are also expected to make some genuinely significant financial decisions, often with very little time to think them through properly.

This is exactly the kind of situation an aged care financial advisor exists to help with. Good advice in this area doesn't stop at the aged care decision itself. It considers how a refundable account deposit (RAD) payment, ongoing fees, or changes to the family home fit into a family's broader financial picture, including retirement income, estate planning, and any other wealth creation services already in place. Treating the aged care decision as one part of a bigger financial picture, rather than an isolated problem to solve quickly, tends to produce far better outcomes for everyone involved.

A System Overhauled, Not Just Adjusted

The scale of this reform is worth appreciating. The new Act introduced a legally enforceable Statement of Rights for people in government-funded care, replaced Home Care Packages with a new Support at Home program, brought in revised residential fee arrangements, and expanded the powers of the aged care regulator and complaints commissioner.

For families, the part that tends to matter most immediately is the change to fees and means testing. Two different contribution frameworks now operate side by side, depending on when a person entered care, which means the right answer for one family might be completely wrong for another, even in very similar circumstances.

The Big Decision: RAD or DAP

One of the clearest examples of this complexity is the choice between paying a Refundable Accommodation Deposit as a lump sum, or a Daily Accommodation Payment spread out over time, or some combination of both. Paying a larger RAD generally reduces ongoing daily costs, but it also ties up a significant amount of capital that could otherwise be invested or kept accessible.

This decision interacts directly with a family's broader financial position. Retaining more of the RAD amount can affect how a means assessment is calculated, which in turn affects ongoing fees. Getting this wrong isn't necessarily catastrophic, but it can mean a family pays meaningfully more than they needed to, or ties up money they later wish they'd kept more liquid.

Understanding the Means Test

Alongside the RAD and DAP decision sits the means assessment itself, which determines how much a resident contributes toward their care and accommodation costs based on income and assets. Under the new Act, aged care providers now report resident deposit balances regularly to Services Australia, and residents are required to report changes to their financial circumstances within strict timeframes.

This adds a layer of ongoing compliance that didn't exist in quite the same way before. It's no longer a case of completing an assessment once and moving on. Circumstances that change after entering care, whether that's the sale of a family home or a shift in investment income, can affect ongoing fees, and families need to stay on top of reporting requirements to avoid complications later.

Why the Family Home Requires Careful Thought

The treatment of the family home remains one of the more nuanced parts of the means test. Depending on whether a protected person, such as a spouse or eligible carer, continues living in the home, it may be fully exempt, partially counted, or included up to a capped value. For couples, the way assets are split and assessed individually, rather than jointly, adds another layer that's easy to get wrong without proper guidance.

These aren't small technicalities. They can shift a family's ongoing fees by tens of thousands of dollars over the course of a care arrangement, which is precisely why rushing this decision under emotional pressure tends to produce worse outcomes than taking the time to get proper .

Taking the Time to Get It Right

Aged care decisions rarely feel like they can wait, but rushing into the first option presented is often exactly how families end up paying more than necessary or making choices they regret later. Seeking financial advice early, ideally before a placement decision needs to be finalised, gives families the breathing room to understand their options properly and make a choice that genuinely fits their circumstances.

The reforms behind the Aged Care Act were designed to make the system fairer and more transparent. Making the most of that requires families to engage with the detail rather than assume the old rules of thumb still apply, and that's precisely where the right financial guidance makes all the difference.

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Navigating the New Aged Care Act: Why Getting Financial Advice Early Matters

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Community Article posted by Lexa Stark about Navigating the New Aged Care Act: Why Getting Financial Advice Early Matters on BizBangBoom.

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Plan Smarter for Retirement, Wealth & You | Eclipse Financial Management

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Plan Smarter for Retirement, Wealth & You | Eclipse Financial Management

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Making confident financial decisions starts with advice built around your real goals. A local financial planner mornington can help connect retirement and financial planning with practical strategies for long-term security. From wealth protection mornington to tailored wealth creation services, the right guidance should be clear, personal and grounded in your circumstances. Whether you need portfolio management advisors or retirement planning services, thoughtful planning can help you prepare for tomorrow while staying focused on today. Explore a more considered path with Eclipse Financial Management.

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Plan Smarter for Retirement, Wealth & You  Eclipse Financial Management

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Build Your Financial Future with Trusted Advice | Eclipse Financial Management

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Build Your Financial Future with Trusted Advice | Eclipse Financial Management

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Your financial future deserves a strategy that reflects where you are now and where you want to go. A financial advisor mornington can provide practical guidance across financial advice retirement planning, financial portfolio management and long-term wealth protection services. For families navigating later-life decisions, an aged care financial advisor or financial advisor for aged care can make complex choices easier to understand. Whether your priority is building assets or protecting what you have, a trusted financial advisor can help bring clarity to every stage of your plan. Discover informed, personal guidance from Eclipse Financial Management.

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How to Choose a Trusted Financial Advisor When Navigating Aged Care

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How to Choose a Trusted Financial Advisor When Navigating Aged Care

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The decision to move a parent or partner into aged care rarely arrives with much warning. A fall, a hospital admission, or a gradual decline that can no longer be put off, and a family finds itself making decisions it had not prepared for. The financial questions that come with this period tend to land at the same time as the emotional ones, rather than later, once everyone has had a chance to think things through. It is often at this point that families begin looking for a trusted financial advisor who can bring some order to a situation that otherwise feels difficult to manage. A financial advisor for aged care would understand that this requires a different approach, one grounded in the practical realities of a transition already underway rather than in a plan still years from being needed.

#trustedfinancialadvisor #financialadvisorforagedcare #financialplannermorningtonpeninsula #agedcarefinancialadvisor #financialplannermornington #EclipseFinancialManagement

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The decision to move a parent or partner into aged care rarely arrives with much warning. A fall, a hospital admission, or a gradual decline that can no longer be put off, and a family finds itself making decisions it had not prepared for. The financial questions that come with this period tend to land at the same time as the emotional ones, rather than later, once everyone has had a chance to think things through. It is often at this point that families begin looking for a trusted financial advisor who can bring some order to a situation that otherwise feels difficult to manage.

What trust looks like in practice

Trust in an advisor is rarely something that can be assessed from a website or a single introductory meeting. It tends to reveal itself over time, in the way an advisor approaches the conversation. A trustworthy advisor takes the time to understand a family's full circumstances before offering a recommendation, and is genuinely interested in who is involved in the decision and what the person entering care actually wants for their own future.

This also shows in how information is communicated. Aged care involves a level of complexity that does not lend itself to quick summaries, and the advisors most worth engaging are the ones who resist the temptation to oversimplify. They explain matters thoroughly, allow time for questions, and acknowledge when something sits outside their area of expertise, referring the family to an accountant, a solicitor, or an aged care placement specialist where appropriate.

Why aged care requires more than general advice

General financial advice is usually built around longer-term goals, growth strategies, and retirement timelines that stretch well into the future. Aged care decisions tend not to follow that pattern. They are often immediate, they involve the interests of more than one family member, and they bring together considerations of housing, income, and family dynamics in a single conversation. A financial advisor for aged care would understand that this requires a different approach, one grounded in the practical realities of a transition already underway rather than in a plan still years from being needed.

An advisor with genuine experience in this area will be familiar with how aged care arrangements typically intersect with the rest of a family's financial position, including decisions around the family home, the funding of ongoing care costs, and the longer-term implications of choices made early in the process. This is not an area where guesswork serves a family well, and a capable advisor will work through these considerations methodically rather than offering quick reassurance without proper analysis.

What to look for when choosing an advisor

Selecting the right advisor for this kind of support does not need to be overly complicated, though a degree of care is warranted given what is at stake. Families weighing up an advisor for aged care matters may find it useful to consider the following:

The advisor's depth of experience with aged care-related financial decisions, specifically, rather than retirement planning in general terms.

Their willingness to involve other family members in discussions where appropriate, rather than limiting the conversation to a single decision-maker.

The clarity with which they explain recommendations, and their openness to revisiting points that are not immediately clear.

Transparency around how they are remunerated, so that the financial relationship is well understood from the outset.

Their approach to uncertainty is that a capable advisor will acknowledge gaps in information rather than offer a definitive answer prematurely.

These considerations help families distinguish advisors who are well-suited to the particular demands of aged care planning from those whose strengths lie elsewhere in financial advice.

The advantage of acting early

Many families approach a financial advisor only once a decision feels urgent, which is understandable given the circumstances. Earlier engagement, however, tends to produce calmer and more considered outcomes. Families with even a modest amount of additional time are generally better placed to weigh their options and arrive at decisions with greater confidence. Not every family has this luxury, but when time permits, earlier conversations are usually worthwhile.

It is also worth recognising that aged care planning is rarely a single, finished decision. Circumstances continue to evolve, health needs change, and financial arrangements made at one stage may require adjustment later. An advisor who remains engaged over time, rather than ending their involvement once initial advice is given, tends to provide more meaningful support throughout what can be a lengthy process.

Helping a parent or partner transition into aged care is among the more demanding responsibilities a family can face, and it is not something that needs to be managed without proper guidance. The right advisor will not remove the difficulty of the situation, but they can bring clarity to the dimensions, allowing the family to focus on what matters most, like ensuring the person at the centre of these decisions is well cared for throughout the process.

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How to Choose a Trusted Financial Advisor When Navigating Aged Care

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Community Article posted by Lexa Stark about How to Choose a Trusted Financial Advisor When Navigating Aged Care on BlogBangBoom.

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Plan Your Future Wisely | Eclipse Financial Management

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Plan Your Future Wisely | Eclipse Financial Management

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Strong financial decisions start with expert guidance tailored to your goals. At Eclipse Financial Management, our trusted financial advisor team provides personalised retirement and financial planning, financial portfolio management, and practical wealth protection services to help Australians build long-term confidence. Whether you're preparing for retirement, growing investments, or protecting your family's future, our experienced advisers deliver clear strategies backed by professional expertise and client-focused advice.

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Plan Your Future Wisely Eclipse Financial Management

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Plan, Protect and Grow Your Wealth | Eclipse Financial Management

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Plan, Protect and Grow Your Wealth | Eclipse Financial Management

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Receive personalised guidance from professionals committed to your financial success. Our specialists offer financial advisors mornington expertise, strategic portfolio management services, and trusted retirement and financial planning solutions designed around your objectives. Whether you need a financial advisor for aged care or support from experienced wealth creation advisors, we provide practical advice that helps you make informed financial decisions with confidence.

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Smart Financial Planning for Every Life Stage | Eclipse Financial Management

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Smart Financial Planning for Every Life Stage | Eclipse Financial Management

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Planning your future starts with advice you can trust. Whether you're growing assets, preparing for retirement, or supporting a loved one with aged care, our experienced team provides tailored strategies to suit your goals. From financial advisors mornington support to retirement planning services and wealth protection services, we focus on practical, long-term outcomes that help protect what matters most while building lasting financial confidence.

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Plan Smarter Wealth Strategies Today | Eclipse Financial Management

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Plan Smarter Wealth Strategies Today | Eclipse Financial Management

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Strong financial decisions create lasting security. Eclipse Financial Management offers personalised guidance from a financial planner mornington peninsula and experienced wealth creation financial advisor professionals. From wealth protection mornington to retirement and financial planning and specialist support from an aged care financial advisor, we help individuals and families make informed choices with confidence and clarity for the future.

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Plan Smarter Wealth Strategies Today - Eclipse Financial Management

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Plan Smarter for Tomorrow with Eclipse Financial Management

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Plan Smarter for Tomorrow with Eclipse Financial Management

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Quality financial guidance makes every stage of life easier to navigate. Eclipse Financial Management offers expert support from a financial planner mornington peninsula, experienced financial advisor mornington peninsula, and dedicated aged care financial advisor specialists. From retirement and financial planning to tailored solutions from a financial advisor for aged care, every strategy is designed to secure your financial wellbeing and future goals.

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Build Your Financial Future with Confidence | Eclipse Financial Management

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Long-term success starts with guidance you can trust. Eclipse Financial Management delivers personalised wealth protection services and wealth creation services tailored to changing life stages. Whether you need a trusted financial advisor, support with financial advice retirement planning, or strategies from experienced wealth creation advisors, the team helps you make informed financial decisions that protect and grow your future with confidence across every milestone.

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Secure Retirement Planning with Trusted Experts | Eclipse Financial Management

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Secure Retirement Planning with Trusted Experts | Eclipse Financial Management

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Planning your future starts with the right guidance. Eclipse Financial Management offers personalised support from a financial advisor mornington team focused on smarter retirement and financial planning outcomes. From tailored financial portfolio management to trusted wealth protection services, our specialists help individuals and families build long-term confidence. Whether you need a financial advisor for aged care or strategic retirement planning services, we provide practical advice designed for Australian lifestyles and financial goals.

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Secure Retirement Planning with Trusted Experts - Eclipse Financial Management

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Trusted Retirement Planning Experts | Eclipse Financial Management

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Planning for the future starts with the right guidance. Eclipse Financial Management delivers personalised financial advice retirement planning solutions designed to support long-term security and confidence. From strategic financial portfolio management to tailored retirement planning services, their experienced team helps Australians protect and grow wealth with practical advice. Whether you need a trusted financial advisor or expert wealth protection services, Eclipse Financial Management provides support at every stage of life.

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