There are (3) fees which may be applicable to you based upon the level of your assets and your income.
The (3) fees applicable to you will be for:
- BASE DAILY FEE
- COST OF ACCOMMODATION
- COST OF CARE
1. BASE DAILY FEE
This is charged at 85% of the Australian Aged pension. All residents will pay this fee.
2. COST OF ACCOMMODATION
Before you enter care: if you wish to be supported by the government, you MUST complete the request for assets assessment and send it Centrelink/DVA. You will receive written notification indicating your supported status. Once you have entered care the department of Social Services will inform Saint Nicholas if you are eligible to pay accommodation costs and what they will be.
Centrelink will notify you of your supported status for purposes of determining your cost of accommodation fees. You will be either:
- Fully Supported - the cost of your accommodation will be fully subsidised by the Government.
- Partially Supported - As a partially supported resident you may be eligible for some support from the government. You may be required to pay a partial accommodation cost as determined by the Department of Social Services.
- Non-supported - if you have assets higher than the Centrelink determined level or income higher than the Centrelink determined level you will not be supported for the cost of accommodation by the Government and the information below will be relevant to you.
Saint Nicholas charges Refundable Accommodation Deposits (RAD):
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- $450,000 for Premium single room accommodation
- $400,000 for Superior single room accommodation
- $350,000 for Classic single room accommodation
- $300,000 for twin shared room accommodation
- $250,000 for Quad shared room accommodation
Please note that these are fully refundable deposits when you leave the facility.
In all these cases the RAD does not need to be paid upfront.
You may choose to pay the equivalent daily charge known as the Daily Accommodation Payment (DAP).
The DAP is charged at the Maximum Permissible Interest Rate (MPIR) (please note this rate is indexed quarterly and the scheduled (MPIR) will be applicable from the date of admission). Once admitted the MPIR will remain unchanged for the duration of your residency.
We have outlined the following examples based on an MPIR of 6% at the date of admission. This being said you can choose to pay:
-
- RAD of $450,000 or the equivalent DAP of $73.97/day
- RAD of $400,000 or the equivalent DAP of $65.75/day
- RAD of $350,000 or the equivalent DAP of $57.53/day
- RAD of $300,000 or the equivalent DAP of $49.32/day
- RAD of $250,000 or the equivalent DAP of $41.10/day
You may also choose a combination of both RAD and DAP in any combination you choose. We'll use 2 examples based on the MPIR of 6%:
-
- Example 1 - Let's say you enter into a $400,000 room you can choose to pay say $300,000 as a RAD and you will be charged the DAP on the remaining $100,000 at 6% which would be $16.44/day. Hence you will pay $300,000 upfront and a daily payment for $16.44/day
- Example 2 - The same RAD $400,000 you choose to pay $150,000 as a RAD and you will be charged the DAP on the remaining $250,000 at 6% which would be $41.10/day. Hence you will pay $150,000 upfront and a daily payment of $41.10/day
N.B. When paying a RAD or DAP you may choose any combination that suits you. When you are eligible to pay a RAD or DAP you MUST agree to the amount of the RAD before admission then you have 28 days to let us know how you intend to pay by either RAD, DAP or combination of both. You may also choose to pay a smaller RAD and have the DAP drawn down out of the RAD.
We cannot guarantee that all rooms will be available at the time you decide to enter the service.
3. COST OF CARE
The Department of Social Services will assess your means (combination of income and assets) after entry to Saint Nicholas and determine if you are eligible to pay a means tested care fee in addition to the above two fees. You will be notified in writing by the department after entering aged care as will Saint Nicholas Nursing Home.
For further information about your fees please contact Department of Social Services FINANCIAL INFORMATION SERVICE on 132 300 or 1800 200 422. They will be able to give you specific information for your particular circumstances. More information is available on the Department of Social Services website www.myagedcare.gov.au
Alternatively you may wish to seek independent financial advice. We have included some brochures for financial advisers in the application package should you wish to use them.
Saint Nicholas is unable to provide financial advice however we will be happy to assist you with providing information regarding fees and charges.