When deciding on where you want to live there is a lot to consider including the cost involved. All aged care providers charge fees to cover the cost of care, accommodation and living expenses but these can vary depending on your personal needs, your circumstances and what home you choose to live in.
Basic Daily Fee
This fee covers your day-to-day living costs such as meals, laundry, heating and cleaning. It is approximately 85% of the single aged care pension. Every person in a residential aged care home is required to pay this fee. Payment is required in advance and there is a variety of options for paying your account including direct debit and centrepay.
Means-tested Care Fee
This fee contributes to your day-to-day care costs. The Department of Human Services will determine whether we will ask you to pay this fee based on your income and assets. If so, this payment is also in advance.
This fee covers your accommodation – the room that you’ll live in at Oakwood. The Department of Human Services will determine whether you are required to pay this fee based on your income and assets. Their assessment will also outline your payment options.
Every room at a care home has a price that is based upon the room type and its features. If you’re a non-concessional resident, there are three payment options available:
Refundable Accommodation Deposit or RAD
This is a lump sum payment (the room price) that is fully refundable when you leave.
Daily Accommodation Payment or DAP
This is a daily payment of interest on the room price. The Department of Human Services sets the Maximum Permissible Interest Rate (MPIR) that you pay.
A Combination of Both RAD and DAP
You can choose to pay part of your RAD, and a DAP on the remaining amount.
All options and combinations can be discussed with management but we advise you to seek independent financial advice.
Payment of Accounts
A Refundable Accommodation Deposit (RAD) can be paid by cheque or Electronic Funds Transfer. Accounts are generated at the beginning of each month for the month ahead (in advance). Accounts can be paid via direct debit, electronic funds transfer or centrepay.