There’s a new form of aged care blossoming in retirement villages called ‘private aged care’. Led by Queenslanders, it’s beginning to draw a lot of interest from village operators elsewhere. It’s proving popular with customers too.
It works like this: You ‘buy’ into a private aged care village just like any other village and in most cases you receive a ‘lease for life’. Then you pay a weekly fee like an insurance policy for the expense of your care to be covered for the rest of your life.
The government subsidy for home care and aged care will be drawn upon and then topped up by the ‘insurance’ that you have been paying in the village.
Australia’s second largest village operator, Aveo, spent $215m last week purchasing all 15 villages of private aged care operator, Freedom and they are going to expand the concept across other Aveo villages.
Read more here.
