A new means-testing formula, more funding to remain at home and help for providers – here’s what you should know
Minister for aged care Anika Wells introduces the Aged Care bIll 2024 into the House of Representatives on Thursday 12 September 2024.Minister for aged care Anika Wells introduces the Aged Care bIll 2024 into the House of Representatives on Thursday 12 September 2024.Many pensioners will be required to pay more for their aged care and providers will be allowed to keep small portions of a “refundable” accommodation deposit, under sweeping changes to prop up the sector.
The first tranche includes measures such as larger, means-tested contributions to care from new people entering the system, providers being allowed to charge higher maximum prices for rooms, and providers being allowed to keep “a small portion” of what is known as the “refundable accommodation deposit” – the fee paid when someone enters residential aged care.
Support At Home will get $4.3bn from the federal government to support another 300,000 people, with promises of shorter waiting times, better support, and access to funds for home modifications, walkers, wheelchairs, and a new equipment loan system. There will be a lifetime cap on how much a person is expected to make to their Support At Home or residential expenses, set at $130,000.
Another, Sally, is expected to pay 42% of her costs, as she has an income of $99,000, owns a $750,000 home and has other assets of $500,000.“Current funding arrangements are not sufficient” to keep the aged care sector afloat, the government said, pointing to Australia’s ageing population with statistics indicating a doubling in the number of people aged over 65 and a tripling in those over 85 within the next 40 years.
“It’s really good news the government and opposition have reached consensus on what reforms need to happen,” he told Guardian Australia.The Aged and Community Care Providers Association called the changes “historic reforms that will be vital to all Australians now and in the future”. St Vincent’s Care described the reforms as “the most impactful changes to aged care in a long time”.
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