The five numbers that determine whether you’ll pay more for aged care

Well-off families will pay more under new rules for funding residential aged care. Here are five key numbers you need to know to navigate the additional expense.

Joanna MatherWealth editor

Oct 12, 2024 – 5.00am

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The major parties have struck a deal to deliver what Prime Minister Anthony Albanese has described as the “greatest improvement” to aged care in 30 years.

The changes, which kick in from July 1, 2025, are designed to ensure wealthy families pay more and, as a general rule, maximum fees will apply at asset levels of about $1 million rather than $2 million – as is the case at present.

Joanna Mather joined the AFR as an education reporter in 2008. She spent four years in the Canberra press gallery before becoming superannuation reporter in 2016, deputy news director in 2021 and wealth editor in 2023.