The number of residential aged care providers making a profit has decreased by 12 percentage points to just over half, the seventh Aged Care Financing Authority report shows.
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Residential aged care providers should be able to decide whether they charge a lump sum or a daily payment as part of strategies to manage prudential risk, according to advice provided to the government.
The reforms to residential aged care payments have largely met its objectives, but there is evidence some providers are not allowing true choice of payment.
While DSS is seeking to interpret the law in a manner consistent with the policy intention that prospective residents are not denied a place because they choose to pay by a DAP, it’s doubtful the legislative provisions are as restrictive as they suggest, write Anita Courtney and Victor Harcourt.
Benefits consumers can gain from using a home equity release product to fund their residential aged care should console aged care provider concerned over losing lump sum bonds to daily accommodation payments, according to an aged care credit advisor.