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Louise Biti

Be prepared for delays with aged care refunds

Many providers are under financial pressure thanks to the impact of COVID-19, although they will have to pay penalty interest for late payouts.

The cost of a room in residential aged care can be substantial, so anyone living in care wants to be assured that the money will be refunded. Aged care providers refund this money if you move out or pass away, but there are rules for how and when this can be paid.

An outcome of the COVID-19 crisis is that you (or your estate) may need to wait longer for the refund than expected if liquidity issues arise with the provider.

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Louise Biti is director of Aged Care Steps.

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    Original URL: https://www.afr.com/wealth/personal-finance/be-prepared-for-delays-with-aged-care-refunds-20200813-p55lh7