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3 July 2024
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The Government has finally released the Aged Care Taskforce Report which contains 23 recommendations to reform home care and residential aged care. The report pinpoints who should pay for the increasing cost of aged care.
The costs of aged care will only continue to increase as the Baby Boomer generation moves into their frailty years, increasing not only the demand for services but also higher consumer expectations around the quality of service.
To support a better aged care system appropriate to the needs of all Australians, critical changes are needed including a new financing approach. The current system has failed seniors, carers and providers for years.
When someone moves into residential aged care, they are assessed based on their assets and income. An important change is coming on 1 July 2020 that clients and their advisers should understand.
Aged care should not be narrowly defined, as opportunities include home care, granny flats, retirement villages, land lease communities and residential aged care. Take advice and don't rush it.
Aged care measures announced in the Budget go only part of the way to improving the system. With a waiting list for Home Care packages exceeding 100,000, we need more effective change.
Moving to a retirement village is a major event in an elderly person's life. The contract should not be treated casually as the retirement village will impose conditions which the retiree and family should understand.
The primary objective of the aged care reforms starting on 1 July 2014 was to create a better system giving older people more choice, more control and easier access to aged care services. There are unintended consequences.
The final of our series on aged care in Australia covers aged care facilities. More than a third of men and half of women who reach 65 are expected at some point to live in aged care. Understanding the recent reforms is key.
Important changes to aged care costs come into effect on 1 July 2014. They highlight the importance of having the financial flexibility to make the system work in your favour.
Understanding aged care accommodation and the cost is an absolute minefield. The aged care rules are changing on 1 July 2014, and many people have four months to make plans before they are hit by higher costs.
Anyone who has tried to understand the costs of residential aged care knows how complex it is. Here are tips to navigate the aged care minefield.
Two commonly asked questions are: 'How much do I need to retire' and 'How much can I afford to spend in retirement'? This is a guide to help you come up with your own numbers to suit your goals and needs.
There seems to be more confusion than clarity about the mechanics of how the new $3 million super tax is supposed to work. Here is an attempt to answer some of the questions from my previous work on the issue.
Washington H. Soul Pattinson is an ASX top 50 stock with one of the best investment track records this country has seen. Yet, most Australians haven’t heard of it, and the company seems to prefer it that way.
We are often quoted life expectancy at birth but what matters most is how long we should live as we grow older. It is surprising how short this can be for people born last century, so make the most of it.
A new report suggests Australian housing is twice as expensive as that of the US and UK on a price-to-income basis. It also reveals that it’s cheaper to live in New York than most of our capital cities.
Here are 10 rules for staying happy and sharp as we age, including socialise a lot, never retire, learn a demanding skill, practice gratitude, play video games (specific ones), and be sure to reminisce.