The cost of aged care will grow hugely in the coming decade. Older Australians, who have the means to pay more for their own care, should do so.
, makes eminently sensible proposals for changes to cover the ever-growing cost of aged care. But since its solution is to require the well-off elderly to bear more of the cost, I doubt if Aged Care Minister Anika Wells will be able to implement the changes without much pushback from those well-off elderly – otherwise known as the “wealthy Boomers”.The cost of aged care – both residential care and, increasingly, at-home care – is expected to grow hugely in the coming decade for three reasons.
The federal government’s spending on aged care last financial year totalled $27 billion. It’s expected to have reached $42 billion by 2026-27. And there’s a lot more to go after that. So the taskforce has come up with a solution that previous governments have, for decades, not been game to propose: ask the well-off elderly to pay a higher proportion of the daily living expenses – meals, laundry and cleaning – and accommodation costs.At present, those in residential care who can afford it are required to pay a “refundable accommodation deposit” of many thousands, which is refunded when they leave or die.
Unlike me, many Baby Boomers vociferously object to being held responsible for the unfair way the younger generations are treated by the tax system, the superannuation system, the university fees system and the gig-economy system. The super system is wildly biased in favour of the well-off. And the people who try to tell you that having super and other savings sufficient to eliminate their eligibility for the age pension makes them a “self-funded retiree” are deluded.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Most Baby Boomers have had a dream run and should pay more for their aged careThe cost of aged care will grow hugely in the coming decade. Older Australians, who have the means to pay more for their own care, should do so.
Read more »
Wealthy Boomers should use super for aged care: taskforceA government-appointed taskforce says a special aged care levy would not be fair to future generations when older Australians are retiring with growing levels of wealth.
Read more »
Mem's a Boomer. Here's how her generation paved the way for social changeYounger generations often vocalise their resentment towards Baby Boomers and their inaction on climate policy, their hold on property and economic prosperity, but the work that Boomers have done to create positive changes in society is often overlooked.
Read more »
Endangered hippos welcome baby at Sydney's Taronga ZooThe offspring, named Lololi, was born from Australia&x27;s only breeding pair of Hippos, Mother Kambiri and Father Fergus on January 16 at 3.05 am.
Read more »
Woman committed to stand trial for murdering her baby boyA woman accused of murdering her seven-month-old baby boy has been committed to stand trial in a Brisbane court. Noemi Kondacs was charged with murder and torture after her arrest on the day Rhuan Immanuel Bosch died in November 2022.
Read more »
Gold Coast influencer Veruca Salt shares heartbreaking goodbye to baby son Cash7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »