There is a lot of misinformation out there when it comes to retirement village funding. Some people believe that retirement villages are privately owned and run, while others think that they receive government funding. The truth is, retirement villages only receive government funding if they also offer Aged Care services. In this blog post, we’ll set the record straight about retirement village funding and dispel some of the myths that surround this topic.
How are retirement villages funded?
The majority of retirement villages are privately owned and operated. This means that they are not funded by the government unless they also offer Aged Care facilities. Privately-owned retirement villages usually generate their income from entrance fees, monthly fees, and the sale of units or apartments.
What does this mean for you?
It means that when you move into a retirement village, you can be sure that the quality of care and facilities will be maintained to a high standard without having to worry about government funding cuts.
Some retirement villages are owned and operated by charitable, religious, or not-for-profit organisations. These types of organisations may receive government funding to help with the running of the village. However, this funding is not given to retiree residents living in the village.
Do retirement villages receive government funding?
As we mentioned before, retirement villages only receive government funding if they offer Aged Care services or facilities. If a retirement village does not offer these types of services, then it is not eligible for government funding.
However, you may be able to utilise Commonwealth Home Support Program (CHSP) or Home Care Packages in a Retirement Village which does provide a form of funding for living in a Retirement Community.
What are aged care facilities?
Aged care facilities are designed to meet the needs of older Australians who require assistance with day-to-day living, such as showering, dressing, and eating. These facilities can be either residential, meaning that residents live on-site, or community-based, meaning that residents live in their own homes but have access to services and support when needed.
Aged Care facilities are subject to different rules and regulations than retirement villages. If a village meets the criteria for both Aged Care and retirement living, then it can receive government funding for its Aged Care services. However, this funding does not go towards the operations of the village as a whole; it is only for the specific Aged Care services that are offered by the village.
We hope that this blog post has helped to clear up some of the confusion surrounding retirement village funding. Retirement villages are privately owned and operated unless they also offer Aged Care services. In this case, they may receive government funding for their Aged Care facilities but not for the village as a whole. If you have any further questions about this topic, please feel free to get in touch with us and we will be happy to help!
