Retirement Living vs Aged Care
Understanding Your Options
Retirement living and aged care are often spoken about as though they are the same thing, but they are very different.
Queensland Retirement Living specialises in retirement living. While we can discuss aged care options as part of our Clarity Session, our Full Support Package is exclusively for clients moving into retirement living and does not include aged care placement or navigation services.
If aged care is the more appropriate pathway, we can connect you with trusted professionals who specialise in this area.
Retirement living is designed for people who want to continue living independently while enjoying the benefits of a community, a more manageable home and often greater security and connection.
Residential aged care is designed for people who need a higher level of ongoing care and support with daily living. An Aged Care Home will offer 24/7 care in purpose built rooms to assist the residents high care needs.
Understanding the difference can help you and your family make decisions about what is right for you, whether you're planning well ahead or looking at your options now.
Your Accommodation Options
RETIREMENT COMMUNITIES
Retirement communities are designed for people who want to continue living independently while enjoying the benefits of being part of a community.
Depending on the community, your home may be offered under a leasehold, land lease or freehold model, with different ownership structures and contract arrangements. Most communities have a minimum age requirement, commonly 55 or 65 years and over.
Residents generally pay ongoing fees to cover the operation and maintenance of the community and its shared facilities. Depending on the contract, there may also be fees payable when you leave, sometimes referred to as an exit fee or deferred management fee.
Many retirement communities offer shared facilities and communal spaces, which can range from clubhouses, pools and gyms to gardens and social areas. One of the biggest attractions for many people is the opportunity to live independently while being surrounded by neighbours at a similar stage of life.
Contracts, costs and inclusions can vary significantly between communities, so understanding exactly what you're considering before making a decision is important.
AGED CARE HOMES
Residential aged care is designed for older people who can no longer live independently at home and need ongoing care and support with everyday life.
Unlike retirement living, access to government funded residential aged care is based on your care needs and requires an aged care assessment. Residents receive accommodation, meals, personal care and support, with nursing and other services available based on their individual needs.
The cost of residential aged care is different for everyone and can depend on your income, assets and the aged care home you choose. Residents generally pay a basic daily fee towards everyday living costs. Depending on your financial circumstances, you may also be required to contribute towards the cost of your care and accommodation.
Accommodation can generally be paid as a refundable lump sum, a daily payment, or a combination of both. A means assessment helps determine how much you may need to contribute and whether you are eligible for government assistance.
Aged care fees and funding can be complex, so seeking specialist financial advice can help you understand the costs and options that apply to your individual circumstances.