When deciding on where you want to live there is a lot to consider including the cost involved. All aged care providers charge fees to cover the cost of care, accommodation and living expenses but these can vary depending on your personal needs, your circumstances and what home you choose to live in.
Rates & Charges
Refundable Accommodation Deposit (RAD) and Daily Accommodation Payment (DAP)
Accommodation payments are very different from the Standard Resident Contribution fee. They are used by the aged care home as capital funding to improve the quality of the buildings and services they provide.
Residents entering Olive Grove Aged Care from 1 July 2014 and who are not supported by the government, will be able to pay for their accommodation payments as a Daily Accommodation Payment (DAP), an equivalent Refundable Accommodation Deposit (RAD) or a combination of both.
The level of RAD or DAP payable will be dependent upon the room type and their ability to pay depending on their level of assets prior to entry.
Single Room with Ensuite – Sole Occupancy
RAD – $375,000
DAP – $83.74 / day ($30,562.50 p.a)
Example Combination: 50% RAD = $187,500 & $41.87/day ($15,281.25 p.a)
Single Room with Lounge Room – Sole Occupancy, larger “double rooms” that will be provided for sole occupancy only.
RAD – $300,000
DAP – $66.99/day ($24,450.00 p.a)
Example Combination: 50% RAD = $150,000 & $33.50/day ($12,225.00 p.a)
Single Room Only – Sole Occupancy
RAD – $275,000
DAP – $61.40/day ($22,412.50 p.a)
Example Combination: 50% RAD = $137,500 & $30.70/day ($11,206.25 p.a)
Double Room with shared Ensuite – price is per bed with the understanding that 2 people will reside within this room. The person may or may not be known to you. Subject to availability.
RAD – $180,000
DAP – $40.20/day ($14,670.00 p.a)
Example Combination: 50% RAD = $90,000 & $20.10/day ($7,335.00 p.a)
Double Room Only – price is per bed with the understanding that 2 people will reside within this room. The person may or may not be known to you. Subject to availability.
RAD – $150,000
DAP – $33.50/day ($12,225.00 p.a)
Example Combination: 50% RAD = $75,000 & $16.75/day ($6,112.50 p.a)
If a resident decides to use a combination of RAD and DAP, the DAP can be deducted from your RAD every month.
All options and combinations can be discussed with management.
Please note that fully supported and partially supported residents will not be required to pay a RAD or DAP.
Standard Resident Contribution
This fee covers your day-to-day living costs such as meals, cleaning, laundry, heating and cleaning. It is currently 85% of the pension. Every person in a residential aged care home can be asked to pay this fee. Payment is required in advance and there is a variety of options for paying your account including direct debit and centrepay.
Means-tested Care Fee
People with higher incomes may be asked to contribute to the cost of their care. You may be asked to pay a Means Tested Care Fee in addition to the Standard Contribution Fee and RAD/DAP. The amount you will be asked to pay will be dependent on the outcome of your Income and Assets submitted to Centrelink.
This fee covers your accommodation – the room that you’ll live in at Olive Grove. The Department of Human Services will determine whether you are required to pay this fee based on your income and assets. Their assessment will also outline your payment options.
Every room at a care home has a price that is based upon the room type and its features. If you’re a non-concessional resident, you will be provided with options as to how you pay the room price.
Refundable Accommodation Deposit or RAD
This is a lump sum (the room price) that is fully refundable when you leave.
Daily Accommodation Payment or DAP
This is a daily payment of interest on the room price. The Department of Human Services sets the Maximum Permissible Interest Rate (MPIR) that you pay.
A Combination of Both RAD and DAP
You can choose to pay part of your RAD, and a DAP on the remaining amount.
All options and combinations can be discussed with management but we advise you to seek independent financial advice.
Payment of Accounts
A Refundable Accommodation Deposit (RAD) can be paid by cheque or Electronic Funds Transfer. Accounts are generated at the beginning of each month for the month ahead (in advance). Accounts can be paid via direct debit, electronic funds transfer or centrepay.