Your aged care home may either: deduct an amount from your accommodation bond balance, or include an amount in a bond periodic payment for each month, or part of a month. These are called retention amounts. The maximum amount of time for deducting monthly retention payments is five years. The five-year period started on the day that you entered your aged care home as a permanent resident, unless:the aged care home was not certified on that day — the five-year period started the day the aged care home became certified you were granted financial hardship for your accommodation bond — the five-year period started the day after the determination ended, or you transferred from respite care — the five-year period started the day of the transfer.
an accommodation bond is a lump sum amount that you pay for your accommodation in an aged care home.When you leave the aged care home, the bond amount (minus any deductions that you have agreed to) is returned to you
if a resident dies,
"The aged care home must refund their lump sum balance less any allowable amounts that have been deducted over the care period. This must be done within 14 days of receiving either proof of probate of the resident’s Will (the official proving of a Will) or letters of administration (authority to administer the estate of someone who has died without making a Will).The provider may refund the lump sum balance without proof of these documents, if they are confident that the correct legal beneficiary has been identified. However, they do have the right to see these documents. This protects the provider and the resident’s estate by ensuring the resident’s wishes are followed by confirming who is entitled to the refund. "
similar if the resident leaves.
this is why there is a hidden economic disaster with higher than usual death rates (they calculate budgets on the basis of predictable death rates) or if families decided they don't want their parents or grandparents to suffer.
we may also see:
a rapid increase in shonky home care providers taking care of this shift in economic models (great - even more semi trained people moving around neighbourhoods)
an increase in demand for granny flats (oh that's a shame - lots of people have already subdivided)
