" /> Good budget news for aged care - Alteris Financial Group

Good budget news for aged care

The good news is that this year’s Budget did not increase how much we pay for the aged care services that we access. But an additional $17.7 billion spend – which will be fully paid for by the Government – was aimed at increasing access and improving quality.

With an ageing population and baby boomers heading towards care years, aged care featured as a centrepiece of the 2021-22 Federal Budget handed down by Government on 11 May. The Government outlined a 5-year aged care reform plan, at a cost of $17.7 billion across all areas of aged care including home care, residential care, workforce and governance.

The proposed reforms are aimed at restoring consumer confidence and increasing the quality of care, with the Government accepting and putting into action most of the Royal Commission’s 148 recommendations.

What changes were announced

Key changes proposed include a new Aged Care Act placing the older person at the centre and more transparent and independent governance structures, so we can work towards the Royal Commission directive of “care, dignity and respect.”

Home care Residential care

An additional 80,000 home care packages to reduce the waiting time.

Simpler access, with one assessment pathway and one program combining the current Commonwealth Home Support Program and Home Care Packages.

Red-tape and administration reductions so that less of the package money is spent on management fees and more can be spent on care.

Additional $10 per day per resident to help providers cover costs and improve the standard of living services, with a major focus on nutrition.

Mandating a minimum average of 200 minutes of care time per resident per day, including at least 40 minutes with a registered nurse.

A star-rating system to help choose which aged care provider.

 

A number of measures also focus on training and attracting quality staff into aged care, with a particular focus on upskilling staff to support people living with dementia.

 We have helped many clients to navigate through the aged care system, providing our clients with peace of mind and a clearer direction on the potential options for structuring finances. Call us and we can have an initial discussion on how we can help you and your family.

What happens when your parent needs to go into a nursing home?

We understand that the decision to move a parent into residential care can be overwhelming with emotion and apprehension. While permanent residential care is the right step for your loved one, the financial considerations can compound any stress and uncertainty you are already feeling….

How much does residential aged care cost?

When a loved one needs to go into care the family is often met with a range of offers and costs. These can vary between aged care providers and are broken down into three areas, and how much is paid depends on the resident’s financial circumstances….

How do gifts affect aged care fees and the age pension?

Did you know that providing a financial gift can affect your age pension and aged care costs if the gifts are not within Centrelink and Department of Veterans Affairs (DVA) rules? Monetary gifts can also affect personal cashflow…

Our team of specialist advisers have helped thousands of families make the move with confidence.