The financial side of Aged Care may become confusing. A multitude of government processes and terms to comply with can easily become overwhelming. Our role is to provide a clear and current explanation of your options. Please contact us to discuss your situation with one of our friendly team members.
Refundable Accommodation Deposit (RAD)
A Refundable Accommodation Deposit (RAD) is a lump sum accommodation payment that is assigned to every aged care room in Australia. This payment is fully refundable when you leave. If you decide not to pay RAD in full, you may choose to pay a smaller deposit combined with a Daily Accommodation Payment (DAP). Your DAP is adjusted based on the amount you are able to pay upfront. The more you are able to pay upfront, the lower the amount of your DAP.
Basic Daily Fee
Residents are required to pay a basic daily fee which goes towards cleaning, meals, laundry and other day-to-day costs of living. The current government-set maximum daily fee for all residents is 85% of the basic single age pension. Your maximum basic daily fee will be confirmed by the Department of Human Services upon your entry to an Aged Care community such as The Royce. Based on current rates, the maximum basic daily fee is $63.57 per day. Everyone is expected to pay a basic daily fee to cover these services.
Means Tested Care Fee (MTCF)
If you are entering Aged Care on a permanent basis you may also be required to pay an additional contribution fee. This is a government fee which is based on testing your income and assets. There are annual and lifetime caps in place for this contribution.
Financial Advice
Any decision regarding your care, or the care of a loved one should be an informed one. The Royce strongly recommends you speak with your trusted financial advisor before making any commitments, as they are best placed to provide a recommendation tailored to your individual financial position.
The Royce Orchard Services
At The Royce Manor an additional services package is applied in addition to your daily standard care fee. The Orchard Services are designed to enhance the overall wellbeing of our residents. From specialised memory care programs, to activities developed to foster social interaction and cognitive stimulation. The Royce Manor offers a holistic and nurturing environment with access to Allied Health Professionals, lifestyle and wellness options and fine dining experiences.
Optional Services – It’s Your Choice
In addition to The Royce Orchard Services, residents also have the opportunity to choose their own tailored additional services depending on their personal preferences. These services are optional and can include telephone access, newspaper delivery and salon services.
The Royce Team can discuss these options available that suits your needs.