Jun 28, 2017

Costs and fees in retirement living

The Whiddon Group is an award winning aged care provider committed to improving the well-being of older people in our communities across regional and rural NSW. As a not-for-profit, we operate with a different business model than aged care and retirement living organisations in the private sector.

It is widely acknowledged by the industry and consumers alike that agreements, pricing and fees in retirement living, and in residential and community aged care, are complex. However, it is crucial that organisations are transparent and upfront about these fees, as well as playing a role in educating, informing and supporting consumers. Whiddon advises people considering retirement living or aged care to seek independent financial advice before making decisions.

Whiddon’s Retirement Villages Agreements are standard agreements based on the NSW Retirement Village Act, with transparent and low service fees. These are made clear to purchasers before they buy into the retirement village.

Our focus and purpose is to support our residents’ and clients’ wellbeing and independence. We see that we have a dual role both as a provider of care services that make a difference to peoples’ lives and as an advocate for older people.

 

 

Insights on Retirement Living – Clayton Utz

Insights released by Clayton Utz from research conducted in 2013 state that more than 184,000 seniors in Australia call a retirement village home, and the overwhelming majority are happier now than before they made the move. Clayton Utz’s most recent survey of more than 5000 retirement village residents found that more than 90 per cent believed their move had been a good financial decision. Of recent purchasers, 83 per cent regarded their fees as “moderately reasonable” to “very reasonable”, and 70 per cent said their cost of living was the same or less than their previous family home.

The full report can be accessed here http://www.retirementliving.org.au/village-life/facts/

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