Pat Garcia (pictured) new CEO Catholic Health Australia has written an 850-word piece for the Financial Review calling for the need for people to unlock the wealth in the family home to pay for their future aged care.
Mr Garcia makes a clear argument for major structural reform – noting that while the Federal Government needs to make urgent funding injections into the sector, taxpayers can also not be relied on to fund aged care at the levels expected to meet rising community expectations.
Mr Garcia – who was previously the acting General Secretary of the NSW Branch of the Australian Labor Party – has worked as a financial analyst, corporate lawyer, a senior adviser in the Department of Prime Minister & Cabinet and Captain in the Australian Army Legal Corps, and as a political strategist in the Labor Party and in the Office of the NSW Premier.
Catholic Health Australia is the country’s largest non-government provider of health, community and aged care services with 25,000 aged care beds, 36,500 home care and support consumers, 7,000 village units and over 10,000 hospital beds.
Discussion1 Comment
The comments from Pat Garcia come from a growing number of industry participants, looking at the long term aspect of paying for care. Apart from a couple of minor points in his article to be adjusted, the comments can be interpreted as the potential for all aged care residents to pay all costs by daily contributions, and leading to the removal of lump sum payments. This would alleviate multiple administrative requirements, allow residents to invest and get a return on their assets, and remove Government’s concern about its exposure to the lump sum Guarantee.