Richardson House — Costs
As of 1 July 2014, there is a new costing structure for aged care, providing three options of payment for accommodation. Above this, there is a Rental Fee. (see below)
When entering Richardson House we ask that you complete an Aged Care Fees Income Assessment which is lodged with Centrelink who then assess your financial position and advise us of what fees can be charged to you.
All residents in Aged Care Facilities are charged what is called the Basic Daily Fee. This is calculated as 85% of the Aged Pension. This fee is adjusted by the Government twice yearly in March and September.
Means Tested Care Fee:
this is an additional contribution towards the cost of care that some people may be required to pay. The Department of Human Services will work out if you are required to pay this fee based on an assessment of your income and assets, and will advise you of the amount.
Refundable Accommodation Deposit
Depending on your Income and Assets Assessment you may be required to pay what is known as a RAD (Refundable Accommodation Deposit - previously known as a bond) or a DAP (Daily Accommodation Payment - previously known as the accommodation charge), or a combination of both RAD & DAP.
Should you be required to pay the Refundable Deposit you will have three options;
RAD: A refundable deposit paid as a lump sum amount. The maximum refundable accommodation deposit at Richardson House is $290,000.
DAP: A daily payment accrued daily and paid periodically, for e.g. monthly. At Richardson House, the maximum daily accommodation payment is $44.01. Again, this is an absolute maximum, so the fee may be less depending on individual financial assessments.
Combination: Includes both a partial lump sum and a daily payment.
Terms and Conditions (RAD & DAP):
A RAD or DAP is only applicable if a client has assets exceeding $51,000. The default option is a DAP, and it starts from the date of entry into the facility. But you do have 28 days to decide which option works for you.
For further information you can visit the My Aged Care website below, or make an appointment to speak to our Financial Officer Bert Graves.