Aged Care Fee Estimator Calculator

What is an aged care fee calculator?

At Estia Health our goal is to help guide you through the different costs when moving into one of our residential aged care homes and make this process as simple as possible for you. 

So, let’s start with what the Aged Care Fee Estimator and calculator is. You will find this on the My Aged Care website and it can help care recipients estimate the fees and charges they need to pay for aged care. The estimator should be used as a guide only. The fees paid depend on the income assessed by The Department of Human Services or the Department of Veteran Affairs. 

Please note, the Aged Care Fee Estimator isn’t a substitute for financial advice. Anyone receiving care, or their nominees should obtain financial, taxation and legal advice from independent parties as the estimates may change depending on the recipient’s circumstances. 

What is an aged care fee estimator used for?

The aged care fee estimator is used for people applying for a Home Care Package or a place in an aged care residence. 

The cost of aged care services will depend on the program you choose. Here's a quick breakdown: 

• Commonwealth Home Support Programme (CHSP): Fully or partially funded by the government, depending on your ability to make additional contributions. Learn more here. 

• Multi-purpose Services (MPS): It combines funding from the government and local health services to offer flexible aged care in regional and remote areas. Visit this link for more details. 

• Short-Term Care: Offers care and support services for a specific period of time. Get more information on Short-Term Care costs here. 

 

To determine your contribution, details about your finances need to be assessed, such as your income, assets, debts, along with your spouse or partner. 

Here is the information you will need to gather:

About your income:

Any net income from businesses (including farms), rental properties, superannuation streams, family trust distributions or dividends from private company shares. Age, service, overseas or war widow/widower pensions must also be included.  

Interest from bank accounts or financial investments get calculated automatically with the current government deeming rate, so you don’t need to include them. 

Your financial assets:

Any financial asset should be reported, such as bank and credit unions accounts, cash, managed investments, shares or gifted assets are some of the examples. See the full list here. 

If you have a spouse or partner, enter your financial assets combined. Your family home doesn’t need to be included unless you are entering residential care.

Visit My Aged Care’s Income and Assets Checklist to view a full list of income sources and assets to include. 

What will you need if you are applying for a place in an aged care residence

To apply for a place in aged care, you will need to disclose information about your finances. Here's a breakdown of what you will need: 

1. Value of your property

Estimate the market value of your home (house, unit, caravan, etc.) and subtract any outstanding mortgage. A professional valuation isn’t required at this stage; a good estimate based on recent sales in your area will suffice. 

If you live in a retirement village, include the net amount you expect to receive back when you leave.  

2. Your superannuation and other assets 

Include estimated values of your superannuation balance, any investments (foreign, real estate, businesses, etc.), valuable personal belongings, including collections, and refundable accommodation deposits and contributions. 

3. Debts  

List any loans, mortgages or charges on your assets. You don’t need to include the mortgage of your home (this is already factored in), or personal loans and credit card debt. 

Remember:  

• This is only an estimate to assess your eligibility for government subsidies. A financial adviser will be able to assist if needed. 

• Further information can be found on My Aged Care but if speaking with someone will be more helpful to you, our team is available on 130 682 833 to help you understand your options to enter residential aged care.  

 

You can also find more information on our website about Understanding Costs or what Repayments would look like for you.