Bupa backs taskforce's blueprint for aged care reform

Bupa backs taskforce’s blueprint for aged care reform | Insurance Business Australia

Life & Health

Bupa backs taskforce’s blueprint for aged care reform

Report aims to create balanced approach that considers Aussies’ financial capabilities

Life & Health

By
Roxanne Libatique

Bupa has backed a set of recommendations from the Aged Care Taskforce’s recent report, which proposes a strategic blueprint for the long-term improvement of aged care services in Australia.

The taskforce, led by the Minister for Aged Care and Sport, the Hon Anika Wells MP, and comprising 16 experienced professionals from a range of fields, was tasked with evaluating funding strategies. Their recommendations cover a broad spectrum of issues, from assessing older individuals’ financial means to pioneering funding models that support care innovation.

The report establishes a plan aimed at catalysing the expansion of the sector’s capabilities.

Aged Care Taskforce recommendations

One of the notable recommendations is the evolution towards a funding framework that lessens the financial burden on Australian taxpayers, who currently finance 75% of the nation’s aged care expenses, a figure that notably exceeds the 61% observed in the UK.

One aspect of the report is its advocacy for transitioning from Refundable Accommodation Deposits (RAD) to a rental-based financing model. This model, already in use in several countries, is expected to streamline the system’s navigability. The taskforce also sheds light on the increased costs associated with providing care in Australia’s regional locales.

Bupa supports Aged Care Taskforce recommendations

Supporting the recommendations, Bupa emphasised the need for widespread political support and pledged to engage actively with government bodies and various stakeholders.

“[The] recommendations balance the needs of all Australians by providing options for those that are willing to pay more while also providing a safety net for those on lower incomes. This also encourages providers to create new everyday living and lifestyle options that older people want and are willing to pay for,” it said. “These are bold changes that will require bipartisan support. We look forward to working with the government and all stakeholders to implement these important changes.”