The Advice That Really Matters in Aged Care

When it comes to aged care, the decisions you make—where to live, how to fund care, and what to do with the family home—can carry significant financial and emotional consequences. That’s why getting the right advice really matters.

But not all advice is created equal. In fact, knowing who can and can’t give advice can be just as important as the advice itself.

You might chat to the aged care home’s admission officer, a placement consultant or aged care navigator, or the nice lady at Centrelink. They may all have helpful insights, but unless they hold an Australian Financial Services (AFS) licence, they can’t legally provide personal financial advice—even if they want to.

Don’t get me wrong, information is great and information about the options you’re exploring is even better – after all you should be well informed. But personal financial advice, tailored to your goals and situation, is the gold standard. It can mean the difference between comfortably affording care now and in the future—or making painful financial decisions under pressure.

Before you take advice, here are five key questions to ask your aged care adviser.

1. What qualifications and experience do you have?

Aged care advice isn’t a skill every adviser has—it’s a specialist area that blends financial planning with Centrelink rules, aged care means testing and fee structures and estate planning.

Ask about the adviser’s qualifications as they relate to aged care and how they keep their knowledge current. Do they understand the Centrelink rules, aged care fees and estate implications? Do they provide advice on aged care regularly—or is it just once or twice a year?

Seeking advice from an adviser who specialises in aged care—and does it every day—means you’ll benefit from up-to-date knowledge, experience with a wide range of situations, and strategies tailored to your unique needs.

2. Can you advise on all my options?

Many people think aged care advice only applies when moving into a residential aged care home. But the truth is, more than 80% of people receiving aged care live somewhere else—at home, in retirement villages, or with family.

A good adviser can help you explore a range of options:

• Can you stay at home with a Home Care Package?
• Would a granny flat arrangement with family work?
• Is moving into a retirement village better for your care and finances?

Each of these choices has different implications for your pension, homeownership status, aged care fees and long-term affordability. An adviser who only focuses on residential aged care may miss opportunities to support you earlier—or suggest better alternatives.

3. What kind of advice will I get?

This one’s crucial. There’s a big difference between someone explaining how the system works and someone advising you on what you should do.

Only a licensed adviser must act in your best interests. They can provide you with personal financial advice—that means looking at your financial situation, goals and preferences, and making clear recommendations, which may include financial products.

If someone is only providing information related to your circumstances—without considering your full financial picture—they can’t legally recommend a strategy or tell you what’s best. They can help you understand options, but potentially not every option and they certainly can’t help you choose.

If you want to be sure you’re exploring all your options and making the best possible decisions—not just gathering information—you’ll need personal financial advice tailored to your situation.

“Personal financial advice, tailored to your goals and situation, is the gold standard. 

4. How much does the advice cost, and what value will I get?

Financial advice isn’t free—and nor should it be. Done properly, it can save you tens of thousands of dollars, increase your Age Pension, reduce aged care fees, and improve your financial security.

Ask your adviser to explain their fees clearly. A great way to understand the value of the advice is to ask for a comparison:

“What will my financial position look like with your advice vs without it?”

The benefit should be measurable. Whether it’s better cash flow, reduced fees or better estate outcomes, good advice pays for itself—often many times over.

“Great advice should support you over time, not just at the start 

5. Does your advice consider what happens after I move into care?

Aged care is not a one-off decision. Things change—homes may be sold, pension entitlements shift, and aged care fees are re-calculated.

Ask whether your adviser will help you plan beyond day one. Will they model what happens if you sell the home in year three? Can they adjust your strategy if your partner needs care too? What happens if you move to a different room or a different aged care home?

Great advice should support you over time, not just at the start. That long-term view can be critical in managing your finances, avoiding nasty surprises and giving you peace of mind.

The bottom line

Aged care is one of life’s biggest decisions—whether you are navigating it for yourself or a loved one. The right advice can reduce stress, help you understand all of your options, and preserve your financial wellbeing.

So, when you’re making those decisions—about where to live, how to fund care, and what to do with the family home—make sure your adviser is up to the job.

Because when it comes to aged care, you don’t just want good care—you want the best care, backed by expert advice that helps you make the right decisions.