Superannuation and aged care – meet our aged care specialists

Making decisions around aged care can be complex. There can be much to consider, including how accommodation will be paid for, what government subsidies are available and how these choices will impact other assets. A specialised financial planner can provide personal advice to you in this area, helping ensure that the person entering aged care is well set up financially in the best possible way.

At 30 June 2024, approximately 275,000 people were using home care, 198,000 were in residential care, and 4,900 were using transition care in Australia.^[1] The aged care industry is a growth sector. A recent Productivity Commission report into Caring for Older Australians found that over 3.5 million Australians will be using aged care services by 2050.^[2]

How to choose the right financial planner

A good financial planner will be able to discuss your best financial options, no matter what your life stage and needs. Aged care financial advice is very specific, and it’s best to connect with a planner who is specialised in the area.

At NGS, we have planners on our team who are accredited in aged care financial planning. If you or a family member needs help with aged care advice, ask your planner if they have expertise in this area and how they will be able to help you achieve your goals.

Financial decisions in aged care

Often, the person entering aged care is not the person making the financial decisions. It is often a relative or partner. It’s important that your financial planner is experienced in working with family members and/or partners of the person entering aged care.

Why is making financial decisions in aged care complex?

A move into aged care brings a range of decisions, including which facility, the location, the level of care required and what will happen to existing assets such as a family home.

Common questions for those looking into aged care include:

• Is the person considering home care or moving into a facility?
• What are the payment options for accommodation?
• Does the person qualify for any subsidies, such as being a low-means resident?
• Is the person on the age pension, and how will this impact payments and cashflow to fund costs?
• Will other family members be contributing to the costs of the aged care?
• What other assets does the person have?

A financial planner will assist in making informed decisions and simplify the process.

Meet our financial planners specialised in aged care:

Start your journey with NGS Super

If you feel ready to review your finances, why not connect with one of our NGS Super Specialists?

Whether at the start of your career journey, approaching retirement or anywhere in between, our Super Specialists are here to help. It’s free, and they can answer your questions about superannuation, investments, insurance or transition to retirement. They can also help you decide the next steps — including if meeting with an NGS financial planner is right for you.

Our financial planners can create strategies that aim to maximise your financial position and meet your objectives for the future. Financial advice can also involve protecting your lifestyle and assets through personal insurance and looking at what happens to your super when you die and the impact on your loved ones receiving your super. Seeking advice is a way to plan for your future, mitigate risks and make the most of your saving opportunities. Education is integral to the planning process — it’s important that you feel confident and informed at all times.