New residents may be asked to pay the following types of fees and charges:
A basic daily fee:
A basic daily fee is used to contribute towards your day to day living costs such as meals, cleaning, laundry heating and cooling. Everyone entering an aged care facility can be asked to pay this fee. The maximum basic daily fee increases twice a year in March and September, in line with changes to the Aged Care pension.
A means-tested care fee:
This is an additional contribution towards the cost of care that some people may be required to pay. The Department of Human Services (Centrelink) will work out if you are required to pay this fee based on an assessment of both your income and assets, and they will advise you of the amount. In addition to fees, residents with sufficient assets and income will be asked to pay either an Accommodation Payment or Accommodation Contribution.
An accommodation payment:
This is for your accommodation in the home. Some people will have their accommodation costs met in full or part by the Australian Government, while others will need to pay the accommodation price agreed with the aged care home. Centrelink will advise you which applies to you based on an assessment of your income and assets. You will have the choice to pay your accommodation as a lump sum, a daily payment or a combination of both.
You may want to consult a Financial Advisor in regards to cost prior to admission to Aged Care.