This covers living costs such as meals, power, maintenance and laundry. This fee is set by the Commonwealth Government and is 85% of the full aged pension. For some people this is the only fee they are required to pay.
This is an additional contribution towards the cost of care that some people may be required to pay.
This fee is determined by the Department of Human Services (Centrelink), and is based on the amount of income and assets of the resident. Each person entering a Care Centre must complete the Centrelink form SA454.1407 “Permanent Residential Aged Care Request for a Combined Asset and Income Assessment” to have their means-tested care fee determined by Centrelink.
This is for your accommodation in the Care Centre. Some people will have their accommodation costs met in full or part by the Australian Government, while others will need to pay the accommodation payment. The Department of Human Services (Centrelink) will advise you which applies to you based on an assessment of your income and assets. Depending on your financial situation, you may be asked to pay the full Refundable Accommodation Deposit (RAD) or part of that deposit, referred to as a Refundable Accommodation Contribution (RAC). An alternative to paying the RAD or RAC is paying the interest that Elderbloom would have otherwise earned on the RAD or RAC. This interest payment is referred to as the Daily Accommodation Payment (DAP) or the Daily Accommodation Contribution (DAC). Another alternative is to pay part of the RAD or RAC and pay the interest on the balance oweing as a DAP or DAC. The pricing tab in each of the specific Care Centre sections of this website has a convenient RAD/DAP calculator to indicate the combinations of RAD/DAP or RAC/DAC that can be paid. For further information, please contact our Administration on (08) 9306 3666.
Maximum Refundable Accommodation Deposit (RAD) $475,000
Interest Rate Per Annum 7.06%
Hence the formula for calculating the daily accommodation payment (DAP) is calculated by deducting the amount the resident wishes to pay less the maximum RAD ($475,000) and multiplying this amount by 7.06% then divided by 365. This figure calculates the daily payment amount or DAP.
Paid $475,000 then interest payable per day is 0
Paid $0 then interest payable per day is $91.88
i.e. interest is payable on the full amount $475,000 X 0.0706 / 365 = $91.88
Paid $300,000 then interest payable per day is $33.85
i.e. interest is payable on the full amount $175,000 X 0.0706 / 365 = $33.85
Paid $150,000 then interest payable per day is $62.86
i.e. interest is payable on the full amount $325,000 X 0.0706 / 365 = $62.86