Should I see an aged care specialised financial planner before signing a contract?
You usually do not need a specialist financial adviser just to choose a Support at Home provider. Get advice when the care decision involves complex assets, pension consequences, substantial private spending or possible residential care. For a routine agreement, focus first on the provider’s prices, proposed budget, service availability and contract terms.
Key points
- Individual eligibility, availability and outcomes can vary.
- Ask questions early and seek independent help if anything feels unclear or unsafe.
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01Guide sectionShould I see an aged care financial adviser before signing a Support at Home agreement?
Not necessarily.
A Support at Home service agreement mainly sets out:
the services you will receive
the provider’s prices
your contribution arrangements
minimum visit times
cancellation rules
how your budget will be managed
how to change or end services.
For a straightforward arrangement, you may be able to review these details yourself with help from a family member, registered supporter or independent aged care advocate.
02Guide sectionWhen financial advice may not be necessary
You may not need a paid financial adviser where:
your contribution rates have already been confirmed by Services Australia
you understand the provider’s prices
your services fit comfortably within your quarterly budget
you are not selling or transferring assets
you are not making major changes to superannuation or investments
you are not entering residential aged care
the agreement does not involve substantial private payments.
Instead, ask the provider for:
its complete written price list
a proposed care plan
a sample quarterly budget
your estimated personal contributions
the expected number and frequency of services
all cancellation and notice conditions.
The provider should explain these clearly before you sign.
03Guide sectionWhen specialist financial advice is worthwhile
Consider an adviser experienced in aged care where:
you are a part pensioner or self-funded retiree and want to understand your assessed contribution rates
your income or assets are complex
you have trusts, companies, investment properties or overseas assets
you are considering selling, gifting or transferring assets
your decisions could affect your Age Pension
you expect to purchase substantial private care in addition to Support at Home
one partner may soon enter residential aged care
you are comparing home care with residential care
you need to plan how long your private savings can fund additional support
enduring powers of attorney, estate planning or family financial arrangements are involved.
Independent advice can help assess the combined effect on aged care contributions, pension entitlements, cash flow, superannuation and tax. My Aged Care recommends independent financial advice when deciding how to pay for aged care.
04Guide sectionFree help is available first
Before paying for advice, you can obtain free financial information from:
a Services Australia Aged Care Specialist Officer
the Financial Information Service
My Aged Care
the Older Persons Advocacy Network.
Aged Care Specialist Officers can explain aged care costs and provide face-to-face or video appointments. The Financial Information Service can explain how aged care decisions may interact with pensions and other financial arrangements, although it does not provide personal financial product advice.
An OPAN advocate can help review whether the service agreement is clear and whether your rights and preferences are being respected. They do not provide investment or tax advice.
05Guide sectionFinancial advice is different from contract advice
A financial adviser can assess affordability and financial consequences, but they may not be the right person to interpret unclear legal clauses.
Consider legal advice if the agreement contains:
unusual liability clauses
authority over your money
unclear termination conditions
guarantees or indemnities
arrangements involving an attorney or substitute decision-maker
significant privately funded commitments.
For most ordinary Support at Home agreements, this level of legal review will not be necessary.
06Practical actionHow to choose an adviser
Use an adviser who:
is registered and authorised to provide the advice you need
has demonstrated experience with aged care and Centrelink rules
clearly explains their fees
does not receive undisclosed incentives from providers or financial products
provides written personal advice where appropriate.
Check the adviser on ASIC’s Financial Advisers Register and confirm what areas they are authorised to advise on.
07Guide sectionWhat should I do next?
Confirm the details with My Aged Care or the relevant provider, write down your questions and ask for important information in writing before making a decision.
08Guide sectionHelpful Local Home Help resources
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