Financing and Sustainability of Future Proofing Aged Care

Over 85 representatives from academia, government and industry registered to participate in the webinar on Financing and Sustainability of Future Proofing Aged Care, hosted online by CEPAR in collaboration with the UNSW Ageing Futures Institute (AFI).

Scientia Professor Kaarin Anstey, AFI Director and a CEPAR Co-Deputy Director, delivered the opening remarks and welcomed the audience to hear from distinguished experts and to discuss the financing and sustainability of future proofing aged care in Australia.

Professor Michael Sherris, a CEPAR Chief Investigator and AFI Investigator at the UNSW Business School, presented On Sustainable Aged Care Financing in Australia. He presented that sustainable financing of aged care requires a balance between government tax-based financing, individual contributions during working life through an aged care levy, co-payments for aged care costs for those receiving aged care and means testing for these co-payments and concluded there should be a role for private market insurance and financing to supplement government financed aged care support.

Professor Hazel Bateman, a CEPAR Co-Deputy Director and AFI Investigator at the UNSW Business School, presented Flexible Insurance for Informal Long-term Care. Her presentation reviewed a potential long-term care insurance product that pays a regular income whenever the insured person needs care, irrespective of the formal care costs they actually incur. Using a stated choice experiment she and her research team find that the product attracts people who prefer informal care and want to support or compensate their carers, and that people who could access this flexible long-term care insurance would be more likely to release savings set aside as a precaution against future care costs and use those funds to purchase annuities.

The webinar concluded with a panel discussion which was chaired by Scientia Professor John Piggott AO, CEPAR Director and AFI Lead Investigator.

The video recording of the talks and background papers are available below; presentation slides are available here.

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Recording

By clicking on play the video recording will play automatically in the below program order.

View the video on YouTube here.

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