Specialist Aged Care Financial Advice in Melbourne

Your ageing parents or other family members may need permanent care through a residential aged care solution. Can they afford it? How can you ensure a sustainable income for them to cover the costs? What are the best options? As an Aged Care Specialist, Ilya has the answers.

Financial advice for those in or considering residential Aged Care

Work with us to:

- Review and develop your financial strategy to fund the cost of residential Aged Care
- Receive expert advice on in-home and residential care options
- Understand how your Centrelink eligibility is going to be affected when moving into residential Care and receive advice on maximising social security entitlements
- Receive advice on arranging assets and cashflow to ensure sustainable income to cover the costs while in Aged Care
- Receive advice on reducing means-tested fees for residential Aged Care and Home Care package purposes
- Receive trusted Aged Care advice to help you make financial decisions while you are busy arranging the best choice of care for your family member

Do your ageing parents or other family members qualify for social security or other government subsidy programs or benefits? Do you understand how their entitlements are going to be affected when transitioning into care? What are the best payment options considering your family member’s circumstances?

Is it possible to reduce means-tested fees and the amount of refundable accommodation deposit (RAD)? Will your loved one’s assets and any Centrelink entitlements produce enough income to cover the costs in Aged Care? How do you best manage their financial situation, along with conflicting opinions from family, which can cause an emotionally charged situation?

With Financial Balance Group’s personalised process and tailored expert advice, you can look forward to improving the value of the estate by spending less on care fees, and by bettering aged care pension entitlements, thus enhancing your Aged Care outcomes and leading to:

- A smooth transition for your family member into appropriate aged care
- Easy undertaking of your loved one’s Centrelink Income and Asset Assessments
- A flexible payment option, resulting in an affordable solution
- Management of all related paperwork
- The best outcome for your family member
- The best outcome for the family and the estate
- Reduced financial worry
- Peace of mind for everyone

Ilya Egorov CFP® Financial Balance Group

As Director of Financial Balance Group in Melbourne, Ilya Egorov is recognised for delivering clear, compassionate financial advice that helps families confidently navigate the complexities of aged care and retirement. With 15 years’ experience, Ilya has developed a strong reputation for guiding clients through some of life’s most important and emotional financial decisions.

Ilya’s dedication to aged care advice has recently been recognised, with his selection as a finalist in the prestigious 2025 Aged Care Steps Awards.
Drawing on deep technical expertise and a genuine, empathetic approach, Ilya supports clients in making informed decisions, reducing stress, and achieving better financial outcomes during critical life transitions.

Simplifying the transition to aged care homes with financial planning

Moving a loved one into residential aged care is one of the most emotionally and financially demanding experiences you can face. If you feel pressure from having to make high-stakes care decisions while juggling work and home, you are not alone.

Ilya Egorov, our CERTIFIED FINANCIAL PLANNER® professional and Aged Care Specialist, knows that behind every residential care situation is a family simply trying to do what’s right for their parents. We offer clear advice to help manage the administrative burden, explain technical jargon and clear the confusion with financial arrangements, so you can focus on your loved ones’ well-being.

The complexities of the Australian aged care system

Watching a parent struggle while you fight a wave of paperwork is exhausting. The new Aged Care Act reforms transformed the funding model, turning an already confusing system into a minefield for the uninformed and unprepared.

At the time of transition to residential care, families are asked to choose between the types of accommodation payments, RAD and DAP, understand daily fees and the means of assessments before they fully grasp how each decision determines financial outcomes. The jargon alone can feel like a foreign language, and a single wrong box ticked on a form can inadvertently cost the family estate thousands.

But you shouldn’t have to be a policy expert to care for your family. Our aged care financial advice cuts through the noise and gives you a clear, practical and sustainable plan.

We turn complex rules and regulations into a clear financial plan with sustainable outcomes

The family home: Should you sell, lease or keep it?

The problem: For many, the home is the largest asset and represents not only a financial but also an emotional decision. Keeping, selling or renting it can affect aged care fees, age pension entitlements and estate planning. The wrong decision may create an unnecessary cash-flow gridlock and reduce the value of the estate for beneficiaries.
The solution: We help families gain clarity by modelling “Keep vs Lease vs. Sell” scenarios, which provide clients a clear picture of the most optimal decision. By exploring various strategies, we help address three key issues by minimising aged care costs, protecting social security benefits and preserving the value of the future estate for beneficiaries.

Understanding and reducing means-tested aged care fees in Australia

The problem: The November 2025 reforms introduced a number of changes affecting residential care accommodation costs and means-tested fees, with some grandfathered exemptions. Without careful planning, families may misunderstand how income, assets and the types of accommodation payments affect the ongoing fees, creating avoidable pressure on savings and the value of future estate.
The solution: We review and assess individual financial circumstances, explain the types of accommodation payments and fees that apply in individual scenarios and provide an estimate of total expected costs. As part of the advice process, we help structure assets, income and payment options to manage ongoing costs and minimise care fees where possible.

We also provide assistance with Centrelink forms, provide guidance through the administrative process and check financial assessments produced by Centrelink for accuracy. As a result, families have fewer surprises and a clear plan with optimised financial results.

Payment structures: Understanding types and methods of accommodation payments

The problem: Not everyone has to pay a Refundable Accommodation Deposit (RAD). We start our process with assessing whether an individual qualifies to be a “supported or a partially supported” care recipient and whether we can assist them to qualify for such status by asset restructure. This determines the type of accommodation payment that will be applicable for them.
For those care recipients who are “self-funded”, choosing between a lump-sum RAD and a Daily Accommodation Payment (DAP) is a critical decision. A RAD requires liquid capital, but is refundable (retention amounts apply), while a DAP can be described as a high-interest rent, calculated using the interest rate set by the government. New retention rules and semi-annual DAP indexation mean that a “default” choice can cost families tens of thousands every year
The solution: We explain the types and methods of accommodation payments thoroughly and provide side-by-side modelling to calculate the “real cost” of “default” decisions for your capital. We provide advice that explains a balanced payment strategy that optimises the Age Pension, maintains liquidity and accounts for the latest rules to provide long-term stability for the estate.

Pension maximisation: Ensuring Centrelink/DVA entitlements are not lost

The problem: When someone enters residential aged care, Services Australia needs to complete a financial assessment, so pension payments and aged care fees are calculated correctly. For this assessment to be accurate, financial records held by Centrelink or DVA need to be updated, and the forms need to be completed correctly. Most families find the burden of these reporting requirements overwhelming during an already emotional and challenging time.
The solution: We assess Centrelink or DVA impacts alongside aged care costs. Our process includes administrative process guidance, determining the correct type of accommodation payment, advice on appropriate assets structure, managing cashflow, modelling scenarios affecting the family home decision and assisting with documentation. Families receive a coordinated strategy that helps preserve social security entitlements where possible, ensuring that aged care is affordable, cashflow is sustainable and administration is under control.

CASE STUDY: Our Melbourne-based Aged care financial advice in action

Making a good aged care financial outcome better

Outcomes at a glance

Financial measure	Before advice	After advice
Annual cash flow	$4,500	$12,500
Annual tax payable	Approx. $4,000	Nil
Additional annual inflows	—	$4,000
Means-tested care fees	Existing level	Retained
Year 1 estate improvement	—	Nearly $8,000
Estimated 3-year estate improvement	—	$24,000
Estimated 5-year estate improvement	—	$40,000

Linda is 86 and is single. Her ability to take care of herself has declined, so her family found a residential care facility for her not far from home. Following the payment of the refundable accommodation deposit (RAD) of $395,000 to the care facility, the family then sought advice on how to best manage Linda’s money moving forward.

Linda’s other assets included a term deposit of $450,000, about $10,000 in the bank and $5,000 in personal assets. She received about $15,500p/a in age pension and had about $50 per week of personal expenses while in care.

After paying the RAD, Linda’s aged care fees amounted to approximately $33,500p/a (basic daily and means-tested fee combined), meaning her pension and investment income from a term deposit gave her a positive cash flow of $4,500 per annum (after paying approximately $4,000 in tax). This was a relatively good outcome for Linda, but we found more improvements.

By carefully restructuring Linda’s assets, we managed to:

– Increase total inflows by $4,000pa by using a specific investment. The nature of this investment is guaranteed income and return of capital, which means no market risk and no investment value fluctuations.
– Retain Linda’s means-tested care fees despite an increase in income.
– Reduce Linda’s tax bill to Nil due to specific tax treatment of the new investment, whereby she no longer needed to lodge a tax return.
– Improve cashflow from $4,500 per annum to $12,500 per annum.

As a result of these improvements, the value of Linda’s estate increased by nearly $8,000 in year 1. With the average life in residential care around 3 years, incremental improvements in savings are leading to a compounded increase in the value of Linda’s estate by an estimated $24,000 over 3 years and $40,000 if Linda lives for 5 years.

This improved positive cashflow of $12,500 p/a means Linda’s family can be assured that she will not run out of money while receiving high quality care. Furthermore, the new investment was secured at a relatively high level of interest rates, which means Linda will not need to depend on the ever-changing term deposit rates.

Disclaimer: The above case study does not take into account your own personal and financial circumstances and should not be used as a basis for financial decisions. It is essential to seek advice tailored to your specific circumstances, so that your financial path can be navigated with precision and care.

What our clients say

Ilya is pleased to share the positive feedback he receives from those he’s helped with financial planning services in Melbourne.

      EXCELLENT  
   Based on 23 reviews 
    
 
 
 
   
 
 
       Posted on Google  
   
   James Hawkins 
 
 
 
 Trustindex verifies that the original source of the review is Google. Ilya is one of the nicest and most warming people you're likely to met. Apart from that, he is also a true professional when its comes to planning your financial future. He is particularly spectacular in the aged care sector, knowing how to navigate the centrelink nightmare!! I would highly recommend Ilya and the team at Financial Balance.
  
 
      Posted on Google  
   
   Allison 
 
 
 
 Trustindex verifies that the original source of the review is Google. I am very happy that I engaged with Ilya after reading other positive reviews. He listened to my retirement and estate planning goals, and devised a strategy that incorporated the complexities of overseas beneficiaries and appropriate tax structuring. He is very good at explaining the advantages and disadvantages of various options, and I felt in control of making the final decisions about my finances. Thanks Ilya, I will continue to engage with you come retirement time!
  
 
      Posted on Google  
   
   Joe Wright 
 
 
 
 Trustindex verifies that the original source of the review is Google. I cannot recommend Ilya Egorov too highly for his services after my traumatic experiences in placing my wife of the last fifty years into residential aged care. In addition to the trauma there were seemingly horrendous costs. Egor patiently soothed my concerns and successfully negotiated with my investment funds, The Aged Care facility and Centrelink to arrive at a very acceptable position. I can only thank Ilya for both his professional but also for his understanding of my emotional state.  I could not have done without his services. Thank You Ilya Best Wishes Joe Wright ya
  
 
      Posted on Google  
   
   Michael Palmer 
 
 
 
 Trustindex verifies that the original source of the review is Google. Fin planner Ilya Egorov was recommended to wife and i from a friend to help validate our upcoming retirement plans, and review current setup to enable our desired income post retirement. We were very pleased with the one-off plan we received- it was informative, comprehensive, and accurately reflected our objectives. Ilya was very professional, has a bucket of experience and education, and on a personal note - caring, empathetic, has excellent listening skills and understands what we mean and want. Would absolutely recomend Ilya's professional service if you need a planner, he is excellent.
  
 
      Posted on Google  
   
   catherine gordon 
 
 
 
 Trustindex verifies that the original source of the review is Google. I can not thank Ilya enough for the support he has given our family during a very difficult time. My mother needed to be moved to an aged care facility and it is fair to say that we were not ready for this decision, emotionally or financially. Ilya was able to take the financial jigsaw pieces offered by my father and create a financial plan that will take care of my father, still living at home, and also for my mother in the aged care facility. His knowledge of financial products is vast and his ability to understand the Centrelink process is nothing short of miraculous.  Centrelink seems to have a language of its own and having Ilya breakdown all the forms and procedures was incredibly helpful at a time when we were dealing with hospital assessments and social workers. The respect and care that Ilya showed my father was for me the most important part of the process.  Dealing with complex issues   during emotional times is hard for anyone, it is especially hard to do in your 80s.  Ilya was so patient with my Dad and took the time to make sure that my dad was looking after himself. For me, it is possible to learn financial structures, but empathy can not be learnt.  It speaks to the kind of person that Ilya is that he can do both. I have no hesitation recommending Ilya- I know that you will be taken care of.
  
 
      Posted on Google  
   
   Lee-Ann Boyle 
 
 
 
 Trustindex verifies that the original source of the review is Google. I just can not thank Ilya enough, for the support and guidance he has offered as we embarked on the journey of sorting out my Dad's financial affairs prior to go into to aged care. He was so emphatic towards what we were going through as a family, and went above and beyond to make the complicated world of aged care straight forward.....taking this additional stress away. Always keeping us informed and speaking in plan language allowed us to be across both what what happening in the now and what needed to happen in the future for my Dad to have the best financial outcome. We are so grateful and I can not recommend Ilya and his services high enough.....thank you Ilya 🙂
  
 
      Posted on Google  
   
   anthony callea 
 
 
 
 Trustindex verifies that the original source of the review is Google. Thank you Ilya for all your help these past few weeks as my parents transitioned to an aged care facility.  It’s been a challenging time for the family navigating the various aspects. Quite daunting at times and your patience and professionalism was much appreciated. You opened our eyes to the many considerations we needed to take into account. Your approach was meticulous and your advice was very thorough. I highly recommend engaging Ilya with your financial planning.
  
 
      Posted on Google  
   
   Maddie M 
 
 
 
 Trustindex verifies that the original source of the review is Google. Our blended family engaged with Ilya from Financial Balance Group as we required financial advice and a financial plan for the varying needs of senior parents. We presented with a complex scenario with one parent entering aged care and one remaining in the marital home/residence. We wanted to ensure that both parents were cared for and that their financial needs were met. We required a plan that met the cost-of-living requirements of a couple living apart. Ilya was generous and equitable with his time, liaising and juggling the logistics of meeting with representatives of both families. Ilya presented an SOA and step by step plan, using assets, investments and restructuring of some assets to better fund and meet the different cost of living requirements of both parents, as well as providing direction and liaising with government departments to reinstate the appropriate rate of age pension. Ilya provided invaluable communications with government departments. I found Ilya a pleasure to deal with and I feel he showed integrity in dealing with a blended family. Thank you for helping us navigate the process and for an SOA that helps to meet the needs of both parents. If my future circumstances require the advice of a financial adviser, I would engage Ilya’s services again. Thank you Ilya for your generosity with time, dedication and professionalism
  
 
      Posted on Google  
   
   Tracey Peduto 
 
 
 
 Trustindex verifies that the original source of the review is Google. We have been with Ilya for many years even before he took up office at Financial Balance group, and in that time he has guided and supported us with our financial planning, enabling us to put money into our Superannuation and  commence salary sacrificing whilst still raising our family,.. we didn't even think that was possible at that time. Now in our later years Ilya is guiding us into Retirement, helping us with downsizing, and other financial concerns, also guiding and assisting us with the many application procedures to Centrelink for our Pension entitlements. Ilya is extremely dedicated, professional, trustworthy and reliable. We would not hesitate to refer Ilya Egorov to our family and friends for their financial planning needs. Thank you Ilya, we now have the piece of mind that our retirement will be comfortable and financially secure. Frank and Tracey.
  
 
      Posted on Google  
   
   Carolyn Foley 
 
 
 
 Trustindex verifies that the original source of the review is Google. I cannot thank ilyae enough. The knowledge he has around investments options short-term long-term was incredible he was able to put me at ease and communicate that I was making the right descions clearly throughout the whole process with clear evidence to back up my final decision making.Thank so much.
  
 
  
  
 
 
     Verified by Trustindex  Trustindex verified badge is the Universal Symbol of Trust. Only the greatest companies can get the verified badge who has a review score above 4.5, based on customer reviews over the past 12 months. Read more

Watch: Practical Guidance for Families Navigating Aged Care

Award nominations: The ACS Aged Care Adviser of the Year Awards | Financial Balance Group

Inspiring Client Story | Financial Balance Group – Aged Care Financial Advice in Melbourne

Best Aged Care Adviser in Box Hill VIC 3128 - Financial Balance Group | Ph 0432 673 370 #agedcareadvice

Aged Care Financial Planning near Templestowe VIC 3106 - Financial Balance Group | Ph 0432 673 370

Tips to prepare for aged care: Planning and Assessment | Financial Balance Group

What are the biggest challenges when moving a loved one to aged care? | Aged Care Adviser

Why do clients need help with transition to aged care? | Aged Care Adviser Melbourne

What are some of the biggest mistakes about transition to aged care? | Financial Balance Group

Let an accredited Aged Care Specialist financial planner simplify the path forward

With a transparent, flat-fee model and specialist accreditation, Financial Balance Group provides the technical expertise and genuine empathy to help you with the transition to residential aged care and protect your family’s estate. We act as your single point of contact and simplify the complex so you can focus on your parents’ well-being.

Learn more about our Aged Care financial advice in Melbourne, or explore our broader support across retirement planning and estate planning. When you’re ready, book a no-obligation, confidential consultation to get practical guidance.

FAQs

How is the family home assessed for Aged Care?

Family home and aged care rules can affect fees, Age Pension entitlements and estate planning outcomes. However, the home is not assessed at its full market value.

While the value of the former home is exempt for the age pension purposes, it is assessed at a capped value, indexed twice a year, unless it is occupied by a protected person.

Can we afford a Refundable Accommodation Deposit (RAD) without selling the house?

Possibly. As mentioned previously, not everyone has to pay a RAD. The type of applicable accommodation payment depends on whether an individual may qualify as a “supported” care recipient.

For self-funded care recipients, RAD does not have to be paid entirely upfront. Families may choose to pay a full or a partial lump sum RAD, a Daily Accommodation Payment, known as a DAP, or a combination of both. You cannot be asked to choose your payment option before moving into the aged care home. Once you have opted to pay a RAD, the care facility may refuse to change this method to daily accommodation payments.

A RAD is counted as an assessable asset in the aged care means assessment, even if paid by a family member. This means the payment method can affect aged care fees, social security, cashflow and estate outcomes. The right structure depends on available capital, impact on the age pension, cashflow requirements and the family’s goals.

Decisions on keeping, selling or renting the home can significantly change the financial outcome. This is why families should get advice that will model the home decision outcomes in connection with relevant factors before making a final call.

How do we reduce means-tested fees?

Means-tested aged care fees in Australia are determined by levels of an individual’s income and assets. They are paid in addition to the basic daily fee, accommodation costs and any additional service fees. For existing care residents who entered care before 1 November 2025, this includes a means-tested care fee. For residents with post-1 November 2025 arrangements, the means-tested fees may include the hotelling contribution and non-clinical care contribution. Certain exemptions are applicable, so it is important to understand the individual circumstances to determine which types of fees will apply.

Means-tested fees cannot be just “reduced” through shortcuts like gifting assets to family. This process needs to be managed through careful considerations, and planning around assets structure, understanding the applicable accommodation payment type and choosing a suitable payment method. Daily, annual and lifetime caps may also limit how much a resident will pay in means-tested fees during their stay in residential care.

What is the “low means” threshold?

“Low means” or (partially) supported status is not determined by a single fixed dollar threshold. Services Australia determines “supported” status based on the resident’s income and assets at the date they enter an aged care home, using a specific formula which results in their individual means-tested amount. That status determines whether the resident receives government support with accommodation costs and the means-tested fees. Once set, the “low means” status does not change while the resident remains in the same home.