Photo of health worker talking with older man

What to consider when paying for nursing home accommodation

The Conversation reports on the challenges and choices facing older Australians considering the emotional and difficult move to a nursing home.

Published: 14 August 2023
  • national
  • 14 August 2023
  • The Conversation

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.