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.
For people who enter residential aged care after 1 July 2014 a means tested amount is used to determine how much they can pay for accommodation and care.
Aged Care Providers are required to refund the balance of a resident’s Refundable Accommodation Deposit/Contribution or Accommodation Bond within legislated timeframes.
Prior to 1 July 2014 Residential Aged Care was categorised into three types; Low Care, High Care and Extra Services. A different financial arrangement applied to each and while some facilities offered only one type of care others had more than one — and perhaps all 3 — in the same facility.