While some have their nursing home accommodation costs fully covered by the government (based on a means test), most will have to pay their own way.
The average lump sum room value is A$334,000. Choosing how to pay can make this time even more challenging, particularly for those with low financial literacy.
This is an important and complex decision. It can affect your income, wealth, means-tested aged care fee, and bequests. Here are some things to consider before you decide.