Financial Information


ACCOMMODATION COSTS

Abberfield's accommodation fees and payments are applied as determined by the Aged Care Act 1997. 
The below fees are set by the Department of Social Services and are applicable to all accredited subsidised residential Aged Care facilities in Australia. 

WHAT TYPES OF COSTS ARE THERE?

You may be asked to pay two main types of costs:
Daily fees (calculated according to your income and assets)
Accommodation payments (calculated according to your assets).

Daily fees have two parts:
A Basic Daily Fee that everyone pays
A Means Tested Fee - a new additional daily fee that will apply from 1st July 2014 that involves an assessment which is both income and asset tested.

To check if you are subject to a means tested fee please refer to the government agencies detailed at the bottom of this page.

WHAT DOES A BASIC DAILY FEE COVER?

All residents are asked to pay a basic daily fee as a contribution towards their day-to-day living costs such as meals, cleaning, laundry, heating and cooling, as well as social activities. It is part of the overall fees you can be asked to pay towards your care.

WHAT DOES A BASIC DAILY FEE COVER?

From 20 March 2014 to 19 September 2014, the maximum basic daily fee for new residents (including respite residents) is $46.50 per day, this equates to $651.00 per fortnight. This rate increases on 20th March and 20th September each year in line with changes to the Age Pension.
Please note the maximum Basic Daily Fee will not exceed 85% of the single person rate of the basic aged pension.

ACCOMMODATION PAYMENTS:

Accommodation payments are very different from daily care fees.  They are used to improve the quality of the building standards and the quality and range of aged care services provided.

Not everyone pays an accommodation payment. It depends on the value of your assets at the time of entry into care. If you have more than $45,000* in assets you can be asked to pay an accommodation payment but you must be left with at least $45,000* in assets after your payment.

Effective 1st July 2014 an accommodation payment at Abberfield Aged Care  is up to a maximum of:

$550,000.00 - Refundable Accommodation Deposit ( RAD ) or
$99.90 per day - Daily Accommodation Payment ( DAP ) equivalent of a $550,000.00 Refundable Accommodation Deposit.

The option to nominate a combination payment of Refundable Accommodation Deposit ( RAD ) and Daily Accommodation Payment ( DAP ) is also available. An example of a combination payment based on the maximum price of $550,000.00 paid as 50% RAD and 50% DAP is as follows:
$275,000.00 Refundable Accommodation Payment ( RAD ) and a daily payment on the remaining $275,000.00 of:

Balance of price x MPIR
  =  $275,000.00 x 6.63%  = $50.10 per day
365 days                               365 days

To calculate an equivalent Daily Accommodation Payment, the Refundable Accommodation Deposit is multiplied by the current maximum permissible interest rate ( MPIR ) and divided by 365 days.
The MPIR is calculated quarterly and advised to all aged care providers by the Department of Social Services. The MPIR is published on the Department of Social Services website at www.dss.gov.au

More information in relation to fees and charges are available by contacting the Director of Nursing on 03 9555 8472 or the following government agencies:

My Aged Care
www.myagedcare.gov.au  or by calling   1800 200 422

Department of Health   
www.health.gov.au

Centrelink   
13 23 00


Department of Veteran Affairs   
1800 555 254

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