Understanding Fees and Payments
Understanding Fees and Payments
Choosing an aged care facility for yourself or a loved one is a significant decision, and understanding the associated costs is an essential part of the process.
This page provides a general overview of the fees, refundable accommodation deposits, and daily accommodation payments applicable to our aged care facility.
The information here serves as an initial guide to help you navigate the financial aspects of aged care. However, it is not a substitute for personalised financial advice. We recommend consulting a financial advisor to explore all available options tailored to your circumstances.
Choosing an aged care facility for yourself or a loved one is a significant decision, and understanding the associated costs is an essential part of the process.
This page provides a general overview of the fees, refundable accommodation deposits, and daily accommodation payments applicable to our aged care facility.
The information here serves as an initial guide to help you navigate the financial aspects of aged care. However, it is not a substitute for personalised financial advice. We recommend consulting a financial advisor to explore all available options tailored to your circumstances.
The following is general information only and should not be relied upon for any other purposes.
Entering Aged Care
Entry to residential aged care can be permanent or for respite (short-term) care.
In either case, the potential care recipient must be assessed as suitable for admission to residential aged care by an Aged Care Assessment Team.
Potential care recipients should contact their General Practitioner for a referral to an Aged Care Assessment Team. Assessments are done in person, at your own home. You don’t need to go anywhere. The assessor will call you to arrange a time to visit.
Entering Aged Care
Entry to residential aged care can be permanent or for respite (short-term) care.
In either case, the potential care recipient must be assessed as suitable for admission to residential aged care by an Aged Care Assessment Team.
Potential care recipients should contact their General Practitioner for a referral to an Aged Care Assessment Team. Assessments are done in person, at your own home. You don’t need to go anywhere. The assessor will call you to arrange a time to visit.
Basic Daily Care Fee
At Hellenic Community Aged Care, whether you’re here for permanent residence or respite care, residents are typically required to pay a basic daily care fee. This fee contributes to daily living costs such as meals, cleaning, laundry, heating and cooling.
As of 1st January 2020, the Commonwealth Department of Health and Ageing has set the standard resident contribution at $51.63 per day. Please note that this amount is subject to change based on the annual adjustment made by the government. This fee may also vary depending on individual circumstances, as determined by a financial assessment carried out by Centrelink.
Means-Tested Care Fee
Beyond the basic daily care fee, some residents might also have to pay a “means-tested care fee”. This is an additional contribution towards the cost of care, which is calculated by Centrelink based on both income and assets.
When a new resident is entering permanent care, they are assessed by Centrelink. This financial assessment takes into consideration the resident’s income, assets, and financial circumstances. Based on the outcome of this assessment, residents may be required to pay this “means-tested care fee” in addition to the basic daily fee.
Remember, the means-tested care fee is different for everyone as it is based on individual financial situations. Some people may not have to pay any means-tested care fee at all. It’s important to consult with a financial advisor or Centrelink directly to understand how these fees could apply to your situation.
Understanding Your Financial Status
As a part of the journey to becoming a resident at Hellenic Community Aged Care, an essential step is the financial assessment carried out by Centrelink.
This assessment, which takes into account both assets and income, helps determine the potential resident’s financial status and contributes to shaping the structure of their payments.
Fully-Supported Residents
Residents who are classified as ‘fully supported’ typically only need to pay the basic daily care fee.
This status is generally granted to individuals whose income and assets fall below certain thresholds, as determined by Centrelink.
These residents are not usually required to pay any additional ongoing capital fees, making their financial obligation straightforward and predictable.
Non-Supported Residents
On the other end of the spectrum are the ‘non-supported’ residents. These individuals typically pay the basic daily fee, like all residents.
However if their assets exceed $47,500 and their income is above a minimum threshold, they may also be required to pay a means tested care fee. This fee is an additional contribution toward the cost of care that is dependent on the resident’s financial means.
Refundable Accommodation Deposits and Daily Accommodation Payments
Understanding the structure of payments can be a crucial part of your decision-making process when considering aged care options. At Hellenic Community Aged Care, we offer flexible payment options to accommodate the varying financial circumstances of our residents.
Refundable Accommodation Deposits and Daily Accommodation Payments
Understanding the structure of payments can be a crucial part of your decision-making process when considering aged care options. At Hellenic Community Aged Care, we offer flexible payment options to accommodate the varying financial circumstances of our residents.
Refundable Accommodation Deposits
Starting from 1st January 2020, we have been accepting refundable accommodation deposits from eligible residents, up to a maximum of $545,000.
This deposit works much like an interest-free loan to the facility.
Upon the resident’s departure from our facility, the entire deposit is fully refundable to the resident or their estate.
This option can be suitable for residents who have the upfront capital and want to minimise their daily payments.
Daily Accommodation Payments
For residents who may not wish or be able to pay a large upfront deposit, we offer the option of a daily accommodation payment. This payment is calculated by applying a specified interest rate to the refundable accommodation deposit amount that has been agreed upon with the resident.
To illustrate, consider a resident who has agreed to a $545,000 refundable accommodation deposit. The daily accommodation payment equivalent of this would be approximately $73.31 per day.
Combining Payment Options
We also offer residents the flexibility to combine these payment options.
Residents can choose to pay a portion of the refundable accommodation deposit and cover the remainder with daily accommodation payments.
This arrangement provides more control over cash flow and the balance between upfront payments and ongoing daily payments.
Contact Us
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Our friendly staff would be glad to take you through the facility. We are proud of our establishment and know that you will find what you're looking for because we truly care for each person that stays with us.
Call 08 9303 3877 to schedule
Address
2B Hellenic Dr, Dianella
WA 6059