Cost of aged care to ‘continue to grow’

The Motley Chief Investment Officer Scott Phillips says the cost of aged care is going to “continue to grow” Mr Phillips' comments come as wealthier seniors could be asked to pay more from their own pocket for aged care if the government accepts recommendations from a key task force. The Aged Care Taskforce’s long-anticipated final report outlines 23 recommendations to improve the sustainability of the sector. “We’ve known for three decades … about the length of time the boomers are going to spend in aged care,” Mr Phillips told Sky News Australia. “The number of people over 85, 95 and 100 is going to absolutely balloon and so they’re going to need to be taken care of. “It’s going to have to be funded one way or the other … it’s either going to be taxpayers now, taxpayers at the time or people with the means to do so. “The only question for us as a country is ‘how do we fund it?’”