Learn why financial assessments are required for Australian aged care services, who needs them, and how they affect your care costs and contributions.
Key areas covered:
- Why do I need a financial assessment for aged care?
- Who needs to complete a financial assessment?
- What happens after my financial assessment?
Why do I need a financial assessment for aged care?
A financial assessment is required because individuals accessing aged care services are expected to contribute to the costs if they have the financial means to do so. This assessment helps determine your contribution level based on your income and assets, ensuring fair and equitable access to care while maintaining the sustainability of the aged care system.
Who needs to complete a financial assessment?
Commonwealth Seniors Health Card holders and non-pensioners (self-funded retirees) need to complete an income and assets assessment. However, if you’re a full or part pensioner, Services Australia or the Department of Veterans’ Affairs (DVA) will use your existing pension assessment information to determine your aged care contributions.
What happens after my financial assessment?
After your financial assessment, you’ll receive information about your required contribution to aged care costs. This assessment, along with your aged care needs assessment, helps determine your eligibility and access to funded aged care services. You can then proceed with engaging a Support at Home provider or accessing other appropriate care services.
