Why are regular Income and Assets Assessments Important for Aged Care Placement Fees?

Happy New Year from the team at Aged Care Simplified!

As we welcome the new year and look ahead to 2026, it’s a timely opportunity to review arrangements that can have a significant impact on long-term wellbeing and finances.

Understanding aged care fees can be challenging, particularly when families are already managing emotional and practical decisions. One of the most important factors influencing aged care placement costs is the income and assets assessment. Keeping this assessment up to date and reviewing it every 6-12 months can make a meaningful difference to the fees paid over time.

What Is an Income and Assets Assessment?

An income and assets assessment is used to determine how much a person contributes towards their aged care costs, particularly in residential aged care. It considers:

• Income, such as pensions, superannuation income, and other regular payments

• Assets, including property, savings, investments, and some personal assets

The outcome affects the Means Tested Care Fee, eligibility for government subsidies, and accommodation costs.

Why Regular Reviews Are Important

Financial Circumstances Change

Over time, many factors can alter an assessment, including selling a home, spending savings on care or health needs, changes to income streams, or the loss of a partner. If these changes are not updated, fees may be based on outdated information.

Fees May Be Higher Than Necessary

When income or assets reduce, a reassessment may lower ongoing fees or increase government assistance. Even modest changes can have a significant impact over the long term.

Avoiding Backdated Fees

If changes are identified later, fees can be backdated, resulting in unexpected costs. Regular reviews help prevent financial surprises and reduce stress for families.

Better Planning and Clarity

Accurate assessments support clearer decision-making around care options and accommodation payments, helping families understand the true cost of care.

How Aged Care Simplified Can Help

Aged Care Simplified supports individuals and families to understand and review income and assets assessments in a clear, practical way. This includes explaining how fees are calculated, identifying when a reassessment may be beneficial, and helping families interpret the outcomes so they can make informed decisions.

Taking the Next Step

If you’re unsure whether an income and assets assessment is still accurate, a brief review can make a meaningful difference.

Aged Care Simplified provides clear, practical support to help ensure aged care fees reflect current circumstances, reducing stress and avoiding unnecessary costs.

If you haven’t reviewed your income and assets assessment in the last 6–12 months, now is a good time to do so.

To find out how we can support you or your family, contact us today by replying to this email or phoning 0448 950 471.

You can also visit our website to read about the other services we offer here: www.agedcaresimplified.com