Funding for Residential Aged Care | Melbourne Aged Care Provider

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Simplifying residential aged care funding

Understanding how to fund residential aged care can be overwhelming. At Oxa Care, we provide a range of options to suit your financial needs, whether through government subsidies, private funding, or other tailored solutions. Our team is here to help you make informed decisions and confidently access the care you need.

Funding options for residential aged care

When considering residential aged care in Melbourne, there are many different funding options available to help you cover the costs. These may include funding from personal savings, government subsidies, superannuation, equity release options such as reverse mortgages, or financial contributions from family members."

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Government funding may also be available, but eligibility depends on individual assessments. Understanding your options ensures you can access the right care without financial stress.

Oxa Care physiotherapist working with a resident

Option 1

Retirement savings and superannuation

Superannuation and savings are commonly used to fund aged care. Whether withdrawing a lump sum or keeping funds in a pension account, exploring the best option for your financial situation is essential.

Taking out a lump sum

A lump sum from your superannuation can help pay for aged care upfront, including refundable accommodation deposits (RAD).

Keeping super in a pension account

Leaving your super in a pension account allows for regular income payments, helping cover daily aged care fees while maintaining financial flexibility.

Keeping super in the accumulation phase

If you’re still working or not drawing from your super, keeping funds in the accumulation phase may allow for further growth before accessing them for aged care.

Option 2

Equity release options

Equity release allows you to unlock the value of your home to help fund aged care. Whether through a reverse mortgage, government schemes, or downsizing, these options provide financial flexibility while ensuring you can access the care you need.

Reverse Mortgage

A reverse mortgage lets you borrow against your home’s equity without selling it. The loan and interest are repaid when the property is sold, offering a flexible way to fund aged care.

Home Equity Access Scheme (HEAS)

Run by the Australian Government, HEAS allows eligible Australians to access a portion of their home’s equity as a regular income stream to help cover aged care costs.

Home Reversion Scheme

A home reversion scheme lets you sell a share of your home while continuing to live in it. You receive a lump sum or income stream, but the share sold is typically below market value.

Downsizing & Selling Your Home

Selling your home and moving to a smaller property can free up funds to cover aged care expenses. This can be a practical option for people who simplify their living arrangements.

Option 3

Financial Hardship Assistance

Aged care should be accessible to everyone, regardless of financial circumstances. If you’re struggling to afford aged care costs, the Australian Government provides Financial Hardship Assistance to support those who cannot pay the Basic Daily Fee, Means-Tested Care Fee, or Accommodation Costs. Eligibility is assessed on a case-by-case basis, ensuring that those in genuine need receive the help they require.

Who is eligible for Financial Hardship Assistance?

You may qualify for financial hardship assistance if:

Your income and assets are below the approved threshold and are insufficient to cover aged care costs.
You are experiencing financial difficulties that affect your ability to pay for essential care.
You have already used all available financial resources, such as savings or government pensions.

Eligibility is assessed by Services Australia based on your financial situation.

How to apply for Financial Hardship Assistance?

Contact Services Australia — Submit a Financial Hardship Application through Services Australia.
Provide supporting documents — Supply evidence of your income, assets, and expenses to support your claim.
Receive an assessment — Services Australia will review your application and determine your eligibility and the level of assistance available.

Start your application process with Services Australia

Learn about Government Funding

Book a time slot

An elderly woman sits with a caregiver and a staff member, smiling as they review documents together. Another woman leans in, engaging in the conversation in a bright and welcoming setting.

Option 4

Private Funding from Loved Ones

Financial support from family can be an option for those who do not qualify for government assistance or prefer to fund aged care independently. Loved ones may contribute to residential accommodation and care aged care costs through direct payments or shared financial arrangements. This approach allows greater flexibility in choosing an aged care facility without the need for government assessments or funding restrictions.
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Private funding can also provide faster access to preferred facilities, avoiding waitlists often associated with government-subsidised care. Families may explore different financial structures, such as pooled contributions or setting up dedicated savings for ongoing care. Seeking advice from financial planners can help ensure sustainable support for long-term aged care needs.

Option 5

Emergency respite care

When urgent care is needed for a loved one, Oxa Care provides emergency respite care without requiring an ACAT assessment upfront. If immediate support is necessary, we can arrange admission first and handle the assessment process after entry, ensuring your loved one gets the care they need without delay.

How it works

1. Immediate admission – no waiting for an assessment
We accept emergency respite residents without an ACAT assessment, allowing them to receive care immediately.

2. We arrange the ACAT assessment for you
While your loved one is in our care, we’ll organise an ACAT assessment to determine their eligibility for government funding.‍

3. Government funding may be back-paid (if approved)
If your loved one qualifies for funding, the government will reimburse the cost of their respite stay, reducing out-of-pocket expenses.

4. A simple pathway to permanent care
Emergency respite can serve as a "try before you buy" option, allowing residents and families to experience Oxa Care’s facilities before making a long-term commitment.

A modern, well-lit aged care bedroom featuring a neatly made bed with plush pillows, a warm bedside lamp, a television, and a window with natural light. A book and a lit candle sit on the bedside table, creating a cosy atmosphere.

Accessing carer's respite

Caring for a loved one is a fulfilling but demanding role. Carer respite allows caregivers to take a short break while their loved one receives professional care in a supportive environment. Whether for a few days or several weeks, respite care ensures peace of mind and quality support.

How it works

The resident stays in our aged care home for a short-term stay.
We provide professional care, meals, and support while their carer takes a break.
Includes flexible stay durations – from a few days to several weeks.
An easy entry pathway into full-time aged care.

Who can access carer respite?

Any live-in carer – no need to be a registered or formal carer.
Carers who need a break due to personal, medical, or family reasons.‍
Those who want to explore aged care as a long-term option.

How is carer respite funded?

Carer respite at OXA is funded through the Australian Government’s Carer Gateway program.

Government Covers:

The Basic Daily Care Fee ($60.86 per day in 2023-24).
Standard care, meals, and accommodation.

Families Cover:

Any additional services (e.g., premium room upgrades, additional lifestyle services).

No ACAT assessment required upfront – OXA can help organise this while the resident is in

How to access carer respite?

Step 1

Contact carer gateway (link to website) or My Aged Care (link to website)) to check eligibility.

Step 2

Book a respite stay at OXA – no prior ACAT assessment needed.

Step 3

Enjoy peace of mind knowing your loved one is in safe hands.

What makes Oxa Care a top choice for aged care?

Oxa Care provides premium aged care with flexible funding options, expert financial guidance, and a commitment to transparency. With seamless entry pathways and personalised support, we ensure residents and their families feel confident in their care choices.

Expert Assistance with Funding Applications

Our team helps navigate funding options, ensuring residents access the right financial support without the stress.

Transparent Fee Structures

We provide clear, upfront pricing with no hidden costs so families can plan with confidence.

“Try Before You Buy” Entry Pathway

Short-term stays allow residents to experience Oxa Care’s facilities before committing long-term.

Tailored Financial Guidance

We connect families with trusted financial advisors to explore the best funding strategies for their situation.

Immediate Admission Options without Assessment

For emergency respite, we offer fast-track admission, organising assessments after entry.

Dedicated Support Throughout the Journey

From the initial inquiry to long-term care, our team provides guidance and reassurance every step of the way.

Expert Assistance with Funding Applications

Our team helps navigate funding options, ensuring residents access the right financial support without the stress.

Transparent Fee Structures

We provide clear, upfront pricing with no hidden costs so families can plan with confidence.

“Try Before You Buy” Entry Pathway

Short-term stays allow residents to experience Oxa Care’s facilities before committing long-term.

Tailored Financial Guidance

We connect families with trusted financial advisors to explore the best funding strategies for their situation.

Immediate Admission Options without Assessment

For emergency respite, we offer fast-track admission, organising assessments after entry.

Dedicated Support Throughout the Journey

From the initial inquiry to long-term care, our team provides guidance and reassurance every step of the way.

Oxa Care in Numbers

Oxa Care is committed to making aged care accessible, ensuring that residents receive the support they need through government subsidies, personal contributions, and other financial assistance options. Our goal is to provide quality care without financial uncertainty.

85%

Oxa Care residents receive government-subsidised care.

Families helped last month.

Our process

Step-by-step funding process

With Oxa Care, navigating aged care funding is simple. From government subsidies to private payment options, we guide you through every step to ensure a smooth transition into care.

Get started today

Oxa Care resident and staff member happily talking and embracing

Registered with My Aged Care

Begin by registering with My Aged Care to access government funding and support services.

Complete an ACAT assessment

An ACAT assessment determines eligibility for government-subsidised aged care services.

Explore private options

For those not eligible for subsidies, we offer flexible private funding solutions tailored to your needs.

Move into Oxa Care

Once funding is arranged, transition into our premium aged care facility with personalised support.

Additional Resources

Understanding aged care funding can be complex, but we’re here to help. Explore our curated resources, including official government guidelines and financial support information, to make informed decisions about your aged care journey.

Useful downloads

My Aged care portal

Link

Government subsidy guidelines

Download

Department of Health information

Download

Frequently asked questions

Got questions about aged care funding? We’ve compiled answers to common queries to help you confidently navigate costs, payment options, and government support.

Learn more

How is aged care funded in Australia?

Aged care in Australia is funded through government subsidies, private contributions, and personal assets. Eligible residents may receive financial support from My Aged Care, while others may fund their care through superannuation, home equity, or private contributions from family.

What government funding is available for residential aged care?

The Australian Government provides subsidies for eligible residents through My Aged Care. These subsidies help cover daily care fees, accommodation costs, and additional services, depending on an individual’s financial assessment.

Can I use my superannuation to pay for aged care?

Yes, you can use your superannuation savings to fund aged care by taking out a lump sum payment or receiving regular income through a pension account. It’s recommended to seek financial advice to determine the best approach for your situation.

What are my options if I don’t qualify for government funding?

If you are not eligible for government subsidies, you can fund aged care through private payments, such as superannuation, savings, home equity release, or contributions from family members.

What is the difference between government-funded and private aged care?

Government-funded aged care is subsidised, meaning residents pay a portion of the costs based on a financial assessment. The resident fully funds private aged care, providing more flexibility in choosing a facility without government restrictions.

What happens if my finances change after moving into aged care?

If your financial situation changes, you may apply for reassessment through My Aged Care to adjust your payment arrangements. Financial advisors can also help explore alternative funding options.