This document is part of the Aged Care Gurus Advice Library. You can find templates for SOA Wording, DVA Forms, Aged Care Forms, and Centrelink Forms.
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Retirement villages are generally built as a group of units or villas with entry restricted to people who are over 55 and retired from full-time employment. Retirement Villages operate under the relevant state or territory legislation, often called the Retirement Villages Act.
The Means Tested Care Fee applies to residents who enter aged care after 1 July 2014, including Low Means residents when they have a change of circumstances. The Means Tested Care Fee is used by the government to offset funding provided to the facility through the Aged Care Funding Instrument (ACFI). The amount the resident can pay is capped at the lesser of the calculated amount or their cost of care. There is also an annual limit of $28,087.41 and a lifetime limit of $67,409.85 (which includes any Income Tested Care Fees paid towards a Home Care Package).
An annuity provides guaranteed regular payments for a set period of time in exchange for an initial capital investment. Unlike market linked retirement income streams, annuities give clients certainty - they know how much they will get and how long it will last.
