Fees & Payments
There are three different cost types for residential aged care and they are the basic daily fee, means-tested care fee and accommodation payments.
Basic daily fee
A basic daily fee is paid by all of our residents and contributes towards your care and living expenses. It covers services like meals, laundry, cleaning and electricity.
The maximum basic daily fee is 85 per cent of the annual single basic age pension. This fee increases slightly each year in March and September and is currently $52.25. This amount is paid by direct debit monthly in advance.
Means-tested care fee
Depending on your income and your assets, you may be asked to pay a means-tested care fee. This is an additional contribution to your cost of care and will be determined by Centrelink.
The maximum means-tested fee you may be asked to pay is $28,087 per year and $67,409 over a lifetime. Means-tested care fees are paid by direct debit monthly in advance.
Depending on your income and assets you may be asked to pay an accommodation payment. Some people will have their accommodation costs met in full or in part by the Australian Government, while others may have to pay the charge themselves.
Your accommodation costs can be paid either as a:
Lump-sum payment: also known as ‘refundable accommodation deposit’ (RAD). This works like an interest-free loan and you’ll be refunded the balance of your deposit once you leave the village.
Rental-type contribution: also known as ‘daily accommodation payment’ (DAP). This works like a periodic payment based on a daily interest rate. This fee is paid fortnightly in advance via direct debit.
Combination of both: you can have the option to pay a nominated deposit and pay the outstanding balance in rent. For example, residents can decide to pay a deposit of 10 percent and the interest rate (rent) on the outstanding 90 per cent.
You also have the option to pay a nominated deposit and pay the balance within six months. Interest is calculated on the unpaid amount and is payable by direct debit on a fortnightly basis.
Fully supported residents
If your assets are less than $50,500 and you have an income less than $27,736, you will be fully supported by the Australian Government and will not need to pay the accommodation costs. To get this support you need to provide us with an Income & Asset Statement.
Partially supported residents
Residents with assets between $50,500 - $171,535 are deemed to be ‘partially supported’ by the Australian Government, subject to their income level. As a partially supported resident you are required to pay part of the accommodation costs.
You have the option to pay a Refundable Accommodation Contribution (RAC) or a Daily Accommodation Contribution (DAC).
The exact amount will be determined by Centrelink. To get this support you need to provide us with an Income & Asset Statement. To learn more about your financial and legal rights please contact My Aged Care.
Current - April 2020.