Selecting a retirement village or nursing home for yourself or a loved one is one of the most important choices you will make. Of course, the quality of care and facilities will be paramount in your mind - but what about the retirement village contract? And how will you fund your care?
When you enter into an agreement with the management of a retirement village, you are essentially giving them a 'loan' of your money in exchange for the right to live and use the services offered in the facility. But what happens if you need to end that arrangement? And what happens to your money when you die?
Aged care facilities are businesses, and while they may provide excellent care, their financial structures are designed to serve their interests. And, as with all businesses, there is always the risk that they might fail. What happens to your money then?
Before you enter into a binding retirement village contract, it is important that you understand exactly what you are agreeing to.
