From July 1st 2014 residents will be able to choose to pay the cost of heir accommodation through a lump sum (known as a Refundable Accommodation Deposit or RAD), a daily charge (known as a daily Accommodation payment or DAP) or a combination of the two.
Accommodation Payments will be subject to a market price model and Aged care Facilities are required to publish the market price of their accommodation payments on their website, the My Aged Care Website and their information brochures.
Refundable Accommodation Deposits at Gilbert Valley Homes are:
Rooms 1-12 $300,000
All other rooms $250,000
The Basic Daily care Fee, set at 85% of the Age Pension, applies to all residents of an Aged Care Facility. Residents are assessed by the government on their assets and income to determine their capacity to pay beyond the basic fee.
A common misconception about moving into aged care is that “ if I don’t have any money, I won’t get in”.
This is incorrect and people with assets and income below a certain level will be considered Fully Supported Residents and will be subject to the Basic daily Care Fee only.