010 Aged Care for Low Means

What happens when your mum or dad needs residential aged care—but they don’t own a home or have any savings? It’s a situation that many Australian families face, and it can feel overwhelming. In this episode of Weaving Gold, Nathan Fradley and Jordan Vaka unpack how the aged care system supports people with limited means and what you need to know to make sure your parent gets the care they deserve—without financial panic.

We start with a common question: Can Mum afford care when she’s got no assets? Nathan explains how the Australian aged care framework is designed to ensure everyone has access to residential care, regardless of their wealth. If your parent has less than around $60,000 in assets and no home, they may qualify as a “low means” fully supported resident—which means the government covers most major costs, including accommodation and means-tested care fees.

But that doesn’t mean it’s completely free. Daily care fees (around $60/day) still apply, and optional extras like Foxtel, better food, and activities can push costs higher. Jordan and Nathan discuss what’s realistic for families on a tight budget—and how to make the most of what your parent has left in their pension.

We also tackle one of the most emotionally complex scenarios: what happens when one parent goes into care, but the other stays home? Known as “illness-separated couples,” this is a tricky but common situation, especially when the couple owns a home but has little else. You’ll learn how the “protected person” status can exempt the family home from asset assessments—and how to ensure your parent doesn’t lose support even if finances change down the track.

Along the way, Nathan shares practical advice on navigating Centrelink, filling out the right forms, and making sure aged care admissions staff are looped in at the right time. Plus, they discuss the emotional toll this transition takes on both ageing parents and their adult children, and how maintaining financial dignity—like having a bit of money left for internet access or coffee outings—can make a world of difference.

Whether you’re preparing for this stage or facing it right now, this episode offers clear, compassionate guidance on how to move forward with confidence.

Who this episode is for:

• Adult children supporting ageing parents with limited assets

• Families renting in retirement or asset-rich but cash-poor

• Anyone confused by aged care fees, Centrelink, or the low means threshold

Takeaways:

• What qualifies someone as “low means” in aged care

• What fees are still payable (and which aren’t)

• How to protect the family home in assessments

• The difference between fully supported, partially supported, and full-fee paying residents

• Why submitting the right forms to Centrelink matters

If you found this helpful, please share the episode with family or friends going through similar challenges. And if you’ve got questions or want us to cover a specific topic in aged care or retirement, visit weavinggoldpodcast.com or follow us on LinkedIn, TikTok, Facebook or Instagram.

 

Nathan:

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