So, what’s in this year’s 2023 Federal Budget for the elderly and those entering Aged Care?

The Good News

Thankfully, clients accessing aged care services have avoided an increase in aged care fees. However, this comes despite the government needing to find an additional $11.3 billion over the next four years. They need to fund the 15% increase in award wages for 250,000 aged care workers.

However, the Budget commentary did signal a potential for client contributions to be reviewed and adjusted. This will likely occur when the new Aged Care Act is introduced on 1 July 2024.

Home Care Packages

As part of a package to improve the in-home aged care system, the Government will increase the number of Home Care packages. This is set to go up by 9,500 in 2023/24. This may help reduce wait time for individuals who are waiting for a package to be assigned.

Ongoing Reform

Other measures announced continued to show the Government’s commitment to ongoing aged care reform. This remains in line with the Royal Commission into Aged Care Quality & Safety findings and commenced in 2021 by the previous Federal Government.

Budget Implications

So, included in the 2023 Budget were:

  • Pay increases for aged care workers
  • A new Aged Care Taskforce to review funding arrangements and provide options
  • Reduced residential care ratios
  • More home care packages
  • Simplifying of home care and assessments
  • Further deferred start date for the new single Support at Home program
  • A new Aged Care Act from 1 July 2024

Need a hand?

Do you need to start preparing now for how you can contribute to the costs of aged care. As always, with financial resources available, come a greater range of choices. This in turn can lead to a greater quality of life. The 2023 Budget and Aged Care might impact you, so please let us know if you’d like to discuss further.

Or, if you’d like to start preparing for someone you love’s entry into care, don’t hesitate to reach out to the team at Trusted Aged Care Solutions to work through your needs.

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