Residential Aged Care Fees
Residential aged care fees are comprised of two parts:
- The Daily Care Fee
- Accommodation Payment for permanent residents
Residents who enter Moyola Lodge for residential respite will pay the Basic Daily Care Fee, as per below.
Daily Care Fees
The daily fee consists of 2 parts:
- The basic daily care fee
- The means tested care fee
1.Basic Daily Care Fee
The Basic Daily Care Fee covers the cost of the day-to-day provision of care to you, such as personal and nursing care, meals, cleaning, laundry and other costs. All people in our care will pay the Basic Daily Care Fee which is, for the majority of people, based on 85% of the single rate of the basic aged pension. The current Basic Daily Care Fee is $50.66 as of September 2018.
Daily care fees are reviewed by the Department of Human Services twice yearly, in March and September. The basic daily care fee is payable monthly in advance.
2.Means Tested Care Fee
The government requires those who can afford to contribute more towards their care do so. As such, the Department of Human Services will determine if a person is required to pay a Means Tested Care Fee on top of their basic daily care fee. This amount is based on an assessment of the resident’s income and assets. In this case, annual and lifetime caps on the amount paid will apply.
Completing a Permanent Residential Aged Care Request for Combined Assets and Income Assessment is required and must be lodged with either Department of Human Services or Department of Veterans Affairs. This assessment will be used to determine both the means tested fee (if any) you will pay and whether you qualify for Government assistance towards your accommodation costs. If you elect not to complete this form, please note that maximum fees/payments will apply.
Accommodation Payment Options (Post 1st July 2014)
The amount you can be asked to pay for your accommodation is based on your income and assets, and will be one of the following:
No accommodation costs: if your income and assets are below a certain amount, the Australian Government will pay your accommodation costs.
Accommodation Contribution: if you need to pay for part of your accommodation, the Australian Government will pay the rest.
Accommodation Payment: if you need to pay for the full cost of your accommodation.
The Department of Human Services will advise which applies to you.
If you have been asked to make an Accommodation Contribution, the amount will be advised by the Department of Human Services and you can choose to pay either, a Refundable Accommodation Contribution, a Daily Accommodation Contribution or a combination of both.
If you have been asked to make an accommodation payment, you will need to agree the amount directly with your aged care home before you move in. The maximum room price is the maximum accommodation payment that you can be charged for the room. You can negotiate a lower amount with the home.
You have 28 days after entering a home to decide how you want to pay your accommodation payment. You must pay your accommodation costs by the daily payment method until you decide on how you want to pay for your accommodation.
Explanation of payment options
Residents can choose to pay for their accommodation by a refundable deposit, a daily payment, or a combination of both. A refundable deposit is paid as a lump sum amount. A daily payment accrues daily and is paid periodically, for example monthly. A combination payment includes both a partial lump sum and daily payments.
You can choose to pay for your accommodation payment with both a part lump sum refundable accommodation deposit and ongoing rental style daily accommodation payments. You can negotiate the amount of lump sum and rental style payments with the home.
How do I calculate the equivalent daily payment? Please contact Moyola Lodge Management if you require further details.
To calculate the equivalent daily payment of a refundable deposit, the refundable deposit is multiplied by the maximum permissible interest rate (MPIR).
For example, based on a MPIR of 5.77% a refundable deposit of $375,000.00 would have an equivalent daily payment of $59.28 per day. (Refundable deposit x MPIR)/365 = ($375,000.00 x 5.77%)/365 = $59.28 per day.
An example of a combination payment for a standard room a resident could pay, for example, 50% of the price by a refundable deposit of $187,500.00 and 50% of the price by daily payments of $29.64.
The above are examples only, MPIR is set by Government and is subject to change. Refer to myagedcare.gov.au for further information. Visit myagedcare.gov.au or call 1800 200 422 for more information on Government charges.