Kiama Council has updated its Aged Care Prudential Standards Policy(PDF, 968KB) governing the deposits, bonds and entry payments by our Blue Haven Illawarra residents.
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.
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.
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.
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.
The updated Aged Care Prudential Standards Policy is on public exhibition until 5pm, Sunday 21 August.