Former prime minister Paul Keating says the ballooning cost of aged care should be met by a HECS-style funding model, where every Australian is extended a loan to pay for their care and the costs are recovered from each individual's estate
Former prime minister Paul Keating says the ballooning cost of aged care should be met by a HECS-style funding model, where every Australian is extended a loan to pay for their care and the costs are recovered from each individual's estate.
"We're not forcing anyone out of their home, we're not obliging aged persons to negatively mortgage their home, you're not asking families to chip in and pay for their relatives in their accommodation or their care, and so I think such a system has a lot of advantages," Mr Keating said.
"So to this cohort we are inviting them to carry the great body of retired aged people and of course now with the debts of the COVID budgetary interventions.""If there's not assets there then the Commonwealth pays, but it's a very nice way of working out what the Commonwealth should really pay vis-a-vis the residual assets of an aged person in superannuation or bricks and mortar assets etc.
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