RESIDENTIAL AGED CARE FEES – 1st July 2024
Residential aged care payments with Maurice Zeffert comprise a daily care fee and your room payment. The amount you pay and the level of Government assistance you receive is determined by a Centrelink assessment.
Fees and charges are governed by the Government Department of Health and subject to change from time to time.
A means test, combining both income and assets will be conducted by the Department of Human Services (Centrelink) and this will be used to determine the fees and charges payable by a resident.
Some people will have their accommodation costs met in full or part by the Australian Government, while others will need to pay the accommodation price agreed with the aged care home. Centrelink will advise which applies to you based on an assessment of your income and assets.
A fee estimator is also available at www.myagedcare.gov.au to estimate what fees you will be eligible to pay based on your individual financial circumstances.
Basic Daily Fee
This contributes to your daily living expenses, these include food and refreshments, toiletries, cleaning, linen and laundry services, and utilities and amenities.
The basic daily fee is 85% of the current basic single aged pension payable by all residents regardless of their financial status. This is currently $61.96 per day.
The government sets the price on 20 March and 20 September each year, changing in line with increases to the age pension.
Accommodation Payment
Depending on your circumstances and Income and Asset financial assessment, you may wish to make a lump-sum payment, a daily installment (much like a rental-style payment); or a combination of both.
If you can afford it, you are expected to pay for your room. However, help with some or all of the accommodation costs is available to those that need it, meaning you could be asked to pay a contribution to the room or have the full costs paid by the Australian Government. This is determined by your income and assets assessment.
RAD: The Refundable Accommodation Deposit (RAD) is the lump sum payment for accommodation and is fully refundable when you leave the facility. For a full explanation of all our different rooms and their pricing refer to the RAD pricing schedule below.
DAP: If you can’t afford to pay the full deposit, you can choose to pay a daily rate known as the Daily Accommodation Payment or DAP. You can choose to pay this periodically (e.g. weekly or monthly).
This amount is calculated by converting the Refundable Accommodation Deposit amount into a daily charge using the Maximum Permissible Interest Rate applicable at the time of entry into care and divided by 365 days. (As of July 2024, that rate sits at 8.36%).
Combination of RAD and DAP
You can choose to pay a combination of a RAD and a DAP.
For example, on a room price of $550,000 you may choose to pay a refundable deposit of $275,000 upfront and the remaining $275,000 as a DAP. The DAP payable would be $66.99 based on interest rate of 8.36%
How you pay is entirely up to you, some people choose to make a smaller lump sum and a larger daily payment or the other way round.
As a not-for-profit community benefit organisation we are proud to be inclusive of people of all means.
Means Tested Care Fees
The Means Tested Care Fees are an additional amount you may be asked to pay depending on your Income and Asset Assessment. The Government sets the amount a resident must pay direct to the aged care provider.
This contribution is calculated by Centrelink or the Department of Veteran Affairs and is capped on an annual and lifetime basis.
You can use the My Aged Care Fee Estimator to give you an estimate of what your fees could be when entering into Residential Aged Care.
Additional Services
Full fee-paying residents may be asked to pay an additional daily amount for Additional services. This is a fee for services that go beyond the minimum care and service requirements. For a full explanation of all extra services offered refer to the tab below.
Additional Services Maurice Zeffert
The above information is provided as a guide only and is not intended to replace independent financial or legal advice. Further information can be obtained via www.myagedcare.gov.au
