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Louise Biti

Avoid problems with an aged care deposit refund

Before making the call to pay a lump sum refundable accommodation deposit, it can pay to put a process in place to make sure it is returned to the right person.

Moving into residential aged care means changing where you live, and in most cases, you will need to pay for the right to live there.

This means you will either need to come up with a lump sum to “buy” the right or the cashflow to pay a daily fee to “rent” the right. Once you have accepted an offer and moved in, you have the right to permanent tenancy for life.

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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/how-to-make-sure-your-rad-goes-home-20200719-p55dg7