Retirees warned on new aged-care reforms

18 March, 2014

The aged care reforms coming into play on 1 July 2014 will see retirees paying more for admission and subsequent ongoing care in aged care facilities, Equity Trustees has warned.

If moving to an aged care facility is likely to occur in the next six to 12 months, it may make sense for retirees to consider making the move before June 30, said Ann Lawton, senior manager of aged care services at Equity Trustees.

"The cost of aged care will increase, particularly for part pensioners and self-funded retirees," she said.

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Source: SMSFAdviser