Rachel Lane is the Principal of Aged Care Gurus, an organisation dedicated to providing quality education and advice about retirement living and aged care. Having worked in financial services for 18 years and specialising in retirement and aged care for more than a decade, Rachel is a leading authority in the aged care sector.
She joined Christopher Sanchez of Legalwise Seminars to discuss some key challenges and opportunities facing the sector today.
You can find the full Q&A below.
What are some of the key trends and developments in the aged care and retirement village sector?
We are seeing a real blurring of the lines between retirement living and aged care. Traditionally retirement communities were all about lifestyle and aged care facilities were all about care - many retirement communities are now offering care, some are partnering with care providers while others are the care providers themselves. In the residential aged care space there has been a real shift to offering lifestyle services such as wine with meals, hairdressing, massage as well as activities across whole facilities rather than in a limited number of beds.
What’s one mistake you see people make in aged care or retirement village matters?
Not seeking advice. Or seeking advice after they have taken a particular course of action only to find out that there are unintended consequences like not being able to access the care they want, losing pension entitlement, increasing the cost of care, estate planning issues or some or all of the above.
What’s a common misconception many have regarding the cost of care for the elderly?
That because it is means tested it will be affordable. It’s simply not true.
Do you have any insights into some takeaways from where the aged care market has been in the last few years or where it might be heading going forward?
There has been significant growth in the home care space and I expect that will continue particularly in the retirement community space. Retirement communities offer great efficiencies for providing care they also have great bargaining power with service providers because they can deliver a service to literally hundreds of people in one location - and that’s a good thing for the government and consumers.
What’s some advice you can offer when dealing with taking a RAD or a DAP?
Whether someone will pay by RAD or DAP depends on a host of factors often driven by whether they intend to keep or sell the former home, when they entered car and the RAD price they are paying. Since the rule changes on 1 January this year we see a lot of people paying a combination of RAD and DAP and deducting their DAP from their RAD or borrowing against the home to help fund the cost.
You can hear more from Rachel who is speaking at the Aged Care and Retirement Village Law: The New Regime seminar, being held on Thursday 16 November at Stamford Plaza Adelaide Hotel.