Costs and Funding
Residential Aged Care Fees and Charges
Choosing a residential aged care home is a big decision, and it is important to understand the costs and fees associated with care. Our local, friendly team are here to guide you through fees, charges, funding and any other questions you have at any time through your aged care journey.
Although the Australian Government provides funding for residential aged care you may be asked to contribute to the cost of your care and accommodation if you can afford to do so. The amount you pay will depend on your income and asset assessment.
You may need to pay the following depending on your individual circumstances:
Basic Daily Care Fee
This covers the living costs such as meals, power and laundry. The maximum daily care fee equates to 85% of the basic single Age Pension. The rate increases twice a year in line with changes to the Age Pension.
Means Tested Aged Care Fee
An additional contribution some people may pay depending on their income and assets. This fee is assessed quarterly and can change with your circumstances. Annual and lifetime caps apply. If you receive a full pension it is likely the Australian Government will help to pay these fees.
Residential Aged Care Accommodation Payment
This is for the cost of accommodation. The amount you pay is based on your income and assets and can range from none, part to all. If you receive a full pension and have no assets it is likely the Australian Government will help to pay these fees.
Do I need to complete an income and assets assessment?
For entry into a MercyCare Residential Aged Care home, we highly recommend that you complete an income and assets assessment prior to admission. This assessment will highlight the costs that are applicable to you according to your personal situation.
What type of income and assets gets assessed?
My Aged Care will assess income including, but not limited to:
- income support payments from the Australian Government such as the age pension, a service pension, or an income support supplement
- deemed income from financial investments, net income from businesses
- net income from rental property
- war widow or widower pensions and some disability pensions
- superannuation and overseas pensions, and income from income stream products such as annuities and allocated pensions
- family trust distributions or dividends from private company shares
- deemed income from excess gifting.
My Aged Care will assess all assets including, but not limited to:
- Financial investments like bank accounts; cash; term deposits; managed investments; listed shares and securities; loans and much more. See the full list here
- Other assets like household contents and personal effects; foreign assets; investment property and more. See the full list here.
Please give our friendly team a call to talk you through costs and fees and estimate what your fees could be when entering into Residential Aged Care.
Click on the links below to find costs for each of our homes:
