Aged Care Strategies
Moving into an aged care facility is a major life event. It comes with emotional complexity, financial decisions, and a maze of government rules. At Opus Wealth, we help you and your family navigate this transition with clarity, compassion and confidence.
What we do
Understanding the Costs
Residential aged care fees can be confusing. We help you understand the key components:
- RAD (Refundable Accommodation Deposit): A lump sum payment for your room. It’s government-guaranteed and refunded when you leave the facility.
- DAP (Daily Accommodation Payment): An ongoing daily fee if you choose not to pay the full RAD upfront. You can also pay a combination of RAD and DAP.
- Means-Tested Care Fee (MTCF): A co-contribution toward your care costs, based on your income and assets. This fee is reassessed quarterly and can change if your financial situation changes.
- Basic Daily Fee: Covers everyday living costs like meals, cleaning and laundry. Set at 85% of the full Age Pension.
We help you model different payment combinations and assess the impact on your cash flow, estate planning and Centrelink entitlements.
What we do
Strategic Planning
Our aged care advice goes beyond the basics. We help you:
- Assess the impact of selling vs retaining the family home: In many cases, retaining the home can lead to better Centrelink and aged care fee outcomes—especially if it’s rented and a DAP is being paid.
- Minimise CGT when liquidating assets to pay a RAD: We help you evaluate which assets to sell and when, considering both tax and long-term growth potential.
- Structure RAD/DAP combinations strategically: For example, paying most of the RAD but retaining a small DAP can preserve the home’s exemption from Centrelink and aged care asset tests.
- Understand the lifetime cap and annual cap on care fees: We explain how these caps work and how they affect high-net-wealth clients.
Your aged care strategy must align with your Centrelink position. We help you:
- Model Age Pension entitlements before and after entering care
- Understand how assets and income affect both Centrelink and aged care fees
- Navigate the treatment of rental income from the former home
- Coordinate with Centrelink to ensure accurate reporting and avoid overpayment or underpayment issues
How it helps you
Planning your next Chapter
We support you through every step—from planning and modelling to implementation and review. Our clients appreciate our hands-on guidance, including:
- Pre-assessment of aged care fees and Centrelink impacts
- Coordination with aged care facilities, Centrelink and family members
- Strategic modelling of RAD/DAP combinations and asset sales
- Ongoing reviews to adapt your strategy as rules and circumstances change
Wherever you are, we're with you
At Opus Wealth, we help you and your family navigate the transition into aged care with clarity, compassion and confidence.
Why Opus Wealth?
We don’t just manage money—we help you write the next chapter of your life story. With a clear plan and a trusted adviser by your side, you can move forward with purpose and peace of mind.
