Types of Aged Care to Consider

Keep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get in touch with your advisor before taking any action on the below points so they can advise on the appropriateness of this for you.


As we age, we’re often presented with choices that require significant lifestyle changes. Relocation, declining health or even personal preferences can prompt a lifestyle change to a safer environment, with greater convenience and resources available. Choosing the aged care you require needs thorough deliberation and financial consideration.

The main options you might consider for aged care are:

In-home Aged Care

Many people remain largely independent only requiring minor services. Such needs might include personal hygiene assistance or help with domestic tasks. Generally, there are two types of packages available: entry-level care (for individuals only requiring minor help), and home-care packages (for those requiring a wide range of support, with many available options).

For many, moving out of their home is a last resort and reasonably so. We love our homes, they’re full of our memories. In-home aged care provides the benefits of necessary care whilst still being able to live in the comfort of your own home. Financial considerations do need to be paid to this decision. The cost of full-time in-home care can be exorbitant.

Aged Care Home

Sometimes remaining at home isn’t a viable option. Aged care homes suit those who need round the clock support. Staff can provide assistance with everyday tasks including but not limited to personal care and nursing aid. Aged care homes have the advantage of providing these services under the one roof. In the event of an emergency, in-house nurses are always readily available.

With many different types of aged care homes, choosing one can be difficult. Homes can be government funded, offering subsidiaries or privatised with significant cost. Government funded age care homes require a Refundable Accommodation Deposit (RAD). This can range from $350,000 to $2,000,000. Care fees are in addition to the RAD. Advice should be sought on the best ways to meet these expenses and manage cash flow. However, it is important to evaluate your needs and financial situation before selecting an option. Some involve a large deposit, with many using their homes as collateral.

Retirement Village

You may be in a position where you require daily assistance, but predominantly, are able to live independently. In these circumstances, you may be well-suited to a retirement village. Trending up in popularity, retirement villages are residential communities which offer a range of features, services and facilities (such as swimming pools and eating areas). Most retirement villages require residents to be 55 years of age or older or be retired from full time employment. The concept behind a retirement village is building a community of like-minded people with similar needs and shared facilities.

Retirement villages often require lump sum payments and are subject to approval by community operators. There are several structures to pay for a retirement village. Contracts should be reviewed by a solicitor to ensure an understanding of the commitment and ongoing costs. Unlike the conventional property market, renting a property in a retirement village is reasonably uncommon – such properties are typically reserved for individuals experiencing financial hardship. Members buy into a retirement village whilst paying regular fees for the services and upkeep of the village. Costs vary depending on location, quality and available services of a village. Purchase prices range anywhere between $100,000 into the millions.


Aged care can be costly and complex to understand, especially with regard to the government subsidies which can be leveraged to offset some expenses. We recommend that you speak to an independent aged care advisor that can help you navigate around the various aged care options and assess your individual needs. For more information, reach out to the Aged Care Advice team at Morrows.

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