Kiama Council has updated its Aged Care Prudential Standards Policy governing the deposits, bonds and entry payments by our Blue Haven Illawarra residents.
Chief Operating Officer Joe Gaudiosi said the changes improve protections for all residents but particularly the accommodation payments made by residents of Blue Haven’s Independent Living Units (ILU) at Bonaira and Terralong.
“The previous versions of the Aged Care Prudential Standards Policy only governed the refundable payments made by residents of our Aged Care Home,” Mr Gaudiosi said.
“Including our Independent Living Units residents under this Policy, while not required by the Retirement Villages Act, is important to protect all our residents, better manage the funds in our care, and provide our broader community confidence in Blue Haven’s financial management.”
The new policy requires Blue Haven to hold enough cash reserves to refund the balance of any deposit, bond and entry payments falling due in the following 12 months.
Mr Gaudiosi said the policy recommends Blue Haven hold a minimum $4.75m to cover deposits and bonds of residents in the Aged Care Home, and $4.28m for the entry payments of the residents in ILUs.
“As well as ensuring we have enough available cash or liquidity to cover our refundable deposits etc., the updated policy covers strong requirements for record-keeping, governance and disclosure.”
Mr Gaudiosi said the minimum amount was based on length of stay, occupancy, accommodation payment options and repayment timeframes.
The new policy also requires Blue Haven to regularly report to its residents and the Australian Government.
This includes an audited annual Prudential Compliance Statement with information about refundable deposits accommodation bonds as well as other fees and information as required under the Aged Care Act.
“Blue Haven has a proud reputation for the respect we show and quality services we provide for the people in our care.”
“This includes taking care of the money our residents leave with us. These changes ensure that remains the case.”
Blue Haven will next develop a dedicated prudential standards policy to address the specific needs of Independent Living Units.
The new Aged Care Prudential Standards are on public exhibition until 21 August:
Have Your Say: Draft Aged Aged Prudential Standards 2021
