Residents are required to pay:
• A Basic Daily Care Fee;
• A co-contribution; and
• Where determined by Centrelink or DVA, an accommodation payment
The Basic Daily Care Fee is set by the Government and equates to 85% of the single pension for pensioners and 96.5% of the single pension for non-pensioners. These amounts vary from time to time as the level of the pension increases.
The co-contribution is an amount which is assessed by Centrelink or the Department of Veterans Affairs (if the person is a veteran). It is the amount which the government agency determines as the amount which the resident can pay towards the cost of their care. These amounts are subject to Yearly and Lifetime caps which are set at the time of the resident’s entry to residential care and which are indexed in accordance with the CPI. Further information is available on www.centrelink.gov.au
The Accommodation Payment is set by the Board of Fairmont NSW Pty Ltd and is varied from time to time. They are only applicable to those residents that Centrelink or DVA determines as having the asset base to afford such a payment. The maximum Refundable Accommodation Deposits (RADs) and the corresponding Daily Accommodation Payments (DAPs) are as follows:
|Single with en-suite||$430,000||$70.21|
|Double with en-suite||$380,000||$62.04|
|3 Bed with en-suite||$330,000||$53.88|
|4 Bed with en-suite||$280,000||$45.72|
Residents have the right to choose which option would best suit their financial arrangements.
Those options are:
• To pay the RAD wholly by lump sum payment; or
• To pay the RAD as a daily payment (known as a DAP); or
• To pay the Rad by a combination of lump sum and daily payment
Within 28 days of entering the facility residents must advise the management of Fairmont Aged Care which option they wish to choose. If this is not done the management of Fairmont Aged Care will implement the preferred option of the Board of Fairmont NSW Pty Ltd.
From the date of entry, and pending advice of the resident’s preferred option of payment, residents will be charged the Daily Accommodation Payment. Where the resident choses to pay by lump sum (RAD), the DAP will be charged until the lump sum is paid.
It is recommended that you seek advice from a financial planner to see which payment option best suits your financial arrangements.
The Accommodation Payment can also be paid by a combination of the lump sum (RAD) and daily payment (DAP). This is done by the resident electing to pay a percentage of the RAD as a lump sum and the remainder as a daily payment. The daily payment is calculated by applying the Maximum Permissible Interest Rate (MPIR) to the unpaid lump sum amount. An example is as follows:
Resident A enters into a single room and chooses to pay the RAD 50% as a lump sum and 50% as a daily payment. Resident A would therefore pay a lump sum of $215,000 and a daily payment (DAP) of $35.11.
This daily payment was calculated as follows:
|Unpaid lump sum||$250,000|
|Maximum Permissible Interest Rate||5.96%|
|DAP ($215,000 x 5.7%) divided by 365 days||$35.11|
Alternatively resident B enters into a single room and chooses to pay the RAD of $50,000 as a lump sum and the remainder as a daily payment. Resident B would therefore pay a lump sum of $380,000 and a daily payment (DAP) of $62.04.
This daily payment is calculated as follows:
|Unpaid lump sum||$380,000|
|Maximum Permissible Interest Rate||5.96%|
|DAP ($380,000 x 5.7%) divided by 365 days||$62.04|
Prospective residents who do not have the means to pay an accommodation payment are always welcome at Fairmont Aged Care.
We are devoted to providing safe, high quality family orientated care for your loved one. A home, where every aged care nurse wants to work; every family member wants to visit and every resident feels welcome. Become a part of Fairmont.
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