Aged Care Financial Information
Being informed about residential aged care fees and payment options is crucial for making the best decision for you and your family. Two types of fees make up the cost:
1. Daily Care Fee
This fee is set by the Australian Government. It is charged daily and covers the provision of aged care services.
2. Accommodation Fee
This is the fee for the suite you have chosen at your selected residence.
Daily Care Fee
The Daily Care Fee in residential aged care is charged on a day-by-day basis and is broken down into three categories:
1. Basic Daily Care Fee
Every person in residential aged care is required to pay a basic daily care fee set by the government, which covers all levels of care and support and is based on approximately 85% of the single Australian aged pension;
2. Means Tested Care Fee
The means tested care fee is determined by the government based on an assessment of personal income and means. My Aged Care’s short questionnaire can help determine if the Income and Means Assessment Form needs to be completed, depending on your financial situation. Click here to complete the questionnaire.
The form is submitted to the Department of Human Services to determine if a daily means tested care fee must be paid, until an annual or lifetime cap is reached.
3. Superior Care Additional Services Fee
This is a daily fee for enhanced living and social experiences such as meal choices and superior lifestyle and activity engagement options.
Accommodation Payments
The “Accommodation Payments” are a part of entering residential aged care. The amount will vary depending on the chosen accommodation. You can select one of the following payment methods:
1. Refundable Accomodation Payment (RAD)
A one-time lump sum payment made to the aged care provider upon move-in, based on the chosen suite, and fully refundable upon departure;
2. Daily Accomodation Payment (DAP)
A daily rental-like fee calculated from the RAD at the government-set interest rate. There is no initial lump-sum payment for accommodation and no funds are returned when the resident leaves; or
3. A Combination Payment
A hybrid of RAD and DAP, where a part of the fee is paid as a lump sum RAD and the remaining balance is paid through DAP until it is fully paid off. DAP payments will be calculated based on the outstanding RAD amount at the government set interest rate.
The RAD amounts for each room type can be found on our website by clicking on the "Accommodation" link on each residence page. There is also the option for fully or partially supported accommodation, which can provide a subsidy on the RAD amount depending on financial situation. Services Australia (Centrelink) determines if an individual qualifies for support or needs to make an accommodation payment based on the Income and Means Assessment form.
My Aged Care has a short questionnaire to determine if the form needs to be completed, and can provide more information and steps to take based on the answers. Click here to complete the questionnaire.
For assistance, call Services Australia (Centrelink) on 1800 227 475, My Aged Care on 1800 200 422, or the Department of Veteran Affairs on 133 254.
For those in need of support, Aged Care can include 24-hour nursing care and the goal is to enable older individuals to maintain independence as much as possible, with support tailored to individual needs and preferences.
The government allows a six-month period from the date of entry to pay the full RAD balance, with added interest paid at the current legislated rate until the full amount is paid. If the RAD is paid within 7 days of entry, no interest will be charged.
The government guarantees all Refundable Accommodation Deposits (RADs) paid to Superior Care.
If the resident leaves a Superior Care residence, the RAD is fully refunded to the resident or their estate, minus any outstanding fees, charges, or interest.
If the resident decides to return home, the RAD is refunded within 14 days of discharge. If the resident passes away, the RAD will be refunded to their estate within 14 days of receiving a certified copy of the Grant of Probate.
There are three types of accommodation available within Superior Care's aged care residences:
1. Fully Government supported accommodation
These are suites where no accommodation payment is required and determined by Services Australia (Centrelink) based on the Income and Means Assessment form.
My Aged Care has a short questionnaire that will let you know whether you need to complete the Income and Means Assessment form or whether Services Australia (Centrelink) can complete it for you based on your answers. Upon completing the questionnaire, it will provide you with more information and steps to take based on your answers.
Click here to complete this questionnaire.
2. Partially Government supported accommodation
These are suites where only a small accommodation payment is required and determined by Services Australia (Centrelink) based on the Income and Means Assessment form.
Services Australia (Centrelink) determines if someone qualifies as partially supported based on the information provided in the completed Income and Means Assessment form.
My Aged Care has a short questionnaire that will let you know whether you need to complete the Income and Means Assessment form or whether Services Australia (Centrelink) can complete it for you based on your answers. Upon completing the questionnaire, it will provide you with more information and steps to take based on your answers.
Click here to complete this questionnaire.
3. Standard accommodation
These are the majority of aged care suites available at our residences and are subject to an accommodation payment payable by the resident.
Each suite has a set price that is primarily determined by the suite's features and location, the residence's location and housing prices in the area. The payment can take the form of RAD, DAP, or a combination of these.
Whether or not the family home needs to be sold to enter aged care depends on each individual case. It is not always necessary to sell the home.
An individual's financial situation will determine if it is needed. Seeking financial advice is recommended to determine the best financial outcome. Keep in mind that an individual's financial structure may impact their pension and means tested care fee.
Yes. Residents are responsible for paying for all medication costs, which will be billed directly by the pharmacy. We will inform if allied health costs (such as podiatry and physiotherapy) will be an additional cost or covered by the government. In general, those with low care needs will be required to pay these costs, while those with higher level care needs will have the costs covered by Superior Care.
Other additional costs may depend on the extra amenities that the resident would like to enjoy at the Superior Care residence home, such as telephone hairdresser and beauty salon.
Superior Group charges all residents an additional $25 per day Additional Services fee for our inclusive package of hotel meals, beverages, air conditioning, wireless internet and premium lifestyle program.
After completing the questionnaire on My Aged Care, it will inform you if you need to complete the Income and Means Assessment form or if Services Australia (Centrelink) will complete it on your behalf.
If you need to complete the form, it can be downloaded after the questionnaire. Once completed, it should be submitted to Services Australia through online submission, visiting a Centrelink/Services Australia office or by mail. These instructions are available on the last page of the form.
Services Australia (Centrelink) will determine if a prospective resident needs to pay a means-tested care fee in addition to the Basic Daily Care Fee and Superior Care Additional Services Fee.
If you have any additional questions please get in touch and we will be happy to help answer them for you.
Our dedicated Centre Managers can provide you with brochures from a number of financial advisors who specialise in aged care.
Enjoy a private tour
We invite you to meet our team and experience our residences in person. Family and friends are welcome.
