Reforms added ‘more complexity’ to financials: advisors

By Darragh O'Keeffe on March 11, 2015 in Government, Industry, News & features 1

With accessing aged care traditionally likened to “navigating a maze”, a key goal of the current reforms was to simplify and streamline the system for consumers. But there is debate over whether the new financial arrangements in particular have had the opposite effect. 

The Living Longer Living Better reforms made improved access to the aged care system a central priority, after the Productivity Commission’s 2011 inquiry strongly identified the myriad challenges faced by consumers as they attempted to navigate the system.

In addition to greater information about available services and care, the reforms also sought to create a system where the framework for paying for aged care would be more transparent.

While My Aged Care has undoubtedly furnished consumers with previously unavailable information, some financial planners argue that the reforms – the new financial arrangements in particular – have in effect made navigating the system more challenging.

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