Fees & Financial Information
There are a number of fees associated with living in an aged care home.
These fees are set or approved by the Commonwealth Government.
- Basic Daily Care Fee - $50.66 per day
- Extra Service Fee - $47.38 per day or $36.46 per day for shared suite
- Means Tested Care Fee – up to $27,232.33 annual cap and a lifetime cap of $65,357.65
- Accommodation Payments – Refundable Accommodation Deposit (RAD), Daily Accommodation Payment (DAP) or combination of both
Basic Daily Care Fee
The basic daily care fee is determined by the Department of Social Services at roughly 85% of the full aged pension and is currently $50.66 per day. Residents are required to pay this a month in advance. The Government increases this fee twice a year in line with the age pension. It is paid by all people who reside either on respite or permanently in a residential aged care home.
Extra Service Fee
The extra service fee is approved by the Government for each aged care home that has an extra service status. The fee takes into account the quality of accommodation and services provided. The current extra service fee for St Patrick’s Green is $47.38 per day or Shared Suite $36.46. Government approval is sought annually for changes to this fee. This daily fee is likely to increase by $4-$5 each year. This fee is payable by all respite and permanent residents.
Means Tested Care Fee
This fee is determined by your assessable income and assets and is calculated by Centrelink following lodgement of the “Permanent Residential Aged Care - Combined Assets and Income Assessment Form”. This fee is currently calculated between NIL to $27,232.33 per year. There is currently a lifetime cap of $65,357.65. This includes any contributions towards the income tested fee that you may have made if you received government funded home care post 1 July 2014.
We encourage residents to complete and submit to Centrelink or DVA the “Permanent Residential Aged Care - Combined Assets and Income Assessment Form” prior to moving into St Patrick’s Green. We will charge a default rate of $74.61 from your first day of admission if you do not provide a copy of the determination that you have received from Centrelink or DVA.
After your first 28 days of care if we still have not received a copy of the determination from you, you will be charged the maximum means tested care fee that is currently $244.97 daily, until notification is received from Centrelink, DVA or you.
Suite prices vary depending on the floor, location, type and size of suite. The accommodation payment is approved by the Government’s Aged Care Pricing Commissioner. Our Accommodation Payments range in prices from $450,000 to a maximum of $1,100,000. The accommodation payment can be made in a number of ways, including:
- Upfront lump sum, which is refundable upon your departure, called a Refundable Accommodation Deposit (RAD)
- Monthly rental style payment, called a Daily Accommodation Payment (DAP). The monthly rental payment is calculated on the price of the room, using an interest rate set by Government (currently 5.96% as at 1 July 2018) and paid monthly in advance. This payment is non-refundable.
- Or a combination of both, where you choose to pay a partial RAD amount and the balance as a DAP.
Below are some worked examples for illustrative purposes only:
|No RAD paid||Part RAD paid||All RAD paid|
|Amount of RAD PAID||$ -||$ 350,000||$ 700,000|
|DAP equivalent||$ 114.30||$ 57.15||$ -|
|Basic Daily Care fee||$ 50.66||$ 50.66||$ 50.66|
|Extra Service Fee||$ 47.38||$ 47.38||$ 47.38|
|*Aged Care Fees per day||$ 212.34||$ 155.19||$ 98.04|
*Note - the means tested care fee has not been added to this example, but is set out as follows.
At St Patrick’s Green, we can work through various scenarios with you or your financial adviser to make a choice on the accommodation payment before you move into care. The Government regulation requires a payment choice within 28 days of commencing permanent care.
Accounts will be billed on a monthly basis in advance and direct debited from one nominated account. You or your family representative will be sent a monthly account detailing the payment information.
Independent Financial Advice
We recommend you seek independent financial advice before entering residential aged care. Below are some financial advisors specialising in aged care who you might find helpful along your aged care journey.
Affinity Aged Care
02 8078 0888
02 9525 7977
Core Value Financial Advice
1300 944 011
Balance Financial Solutions
02 8814 7307
Accredited Aged Care Specialists
02 8525 3700
If you'd like to discuss the fees and charges for our Aged Care Home in more detail, please call our friendly team at St Patrick's Green, Kogarah today on (02) 9097 9175.