A deal to reform aged care has been struck between the federal government and the Coalition, including new requirements for some elderly people to pay more for their own care.

New entrants will have to make larger means-tested contributions and the maximum price for a room in a residential facility will be increased.

Residential aged care providers will also be able to retain a small portion of accommodation deposits from residents.

The federal government will save $12.6 billion over the 11 years from the reforms, which will include a "no worse off principle", meaning no person already in aged care will have to make a greater contribution to their care.

Fee structures for new entrants will be targeted towards higher means residents, but the government says 70 per cent of people receiving a full pension will not end up contributing more, and a quarter receiving part pensions will not contribute more.

The reforms include a $4.3 billion investment into a new Support at Home program, to take effect from July next year, which the federal government says will benefit almost one and a half million Australians.

Those packages will also be subject to greater means testing, which will vary depending on individual circumstances.

The government and Coalition held urgent party room meetings on Thursday morning to confirm the deal, which has been in back-room negotiations for months.