RESIDENTIAL CARE

FEES

Please read our explanation of fees and charges.

FEES & CHARGES

A RAD is a financial contribution paid by a resident towards the capital cost of accommodation in an aged-care facility such as Eventide Lutheran Homes (Eventide).

A DAP is a periodic payment that is derived from the RAD and payable on a daily basis. The calculation for a DAP is based on any outstanding amount of a RAD and is calculated using the maximum permissible interest rate as set by the government on a quarterly basis. The rate as of 20 September 2024 is 8.36%.

If you have been financially assessed at the time of entry to Eventide as being able to pay a RAD, you will be required to do so. Subject to certain exemptions, this is based on your means, which may include the value of your home and contents. Assets are individually assessed for each member of a couple. Centrelink will undertake the calculations for the means test to determine the contribution the resident will pay toward their care and then advise the resident and the facility of this amount.

As part of the government reforms for the aged-care sector that came into force on 1 July 2014, all government-funded aged-care facilities must now set a maximum amount for their RAD. Eventide has set this at $395,000. (Please refer to notes below.)

There are two options for payment of the RAD:

  1. as a lump sum – this is fully refundable, and daily payments will no longer apply
  2. as a combination of a lump sum amount and daily payment.

The RAD is payable up to six months from entry to Eventide. All residents have 3 months from the day of entry to decide how they wish to pay their RAD. A DAP is payable until the RAD is paid.

One hundred per cent is refundable.

We are required to pay you or your estate interest on your RAD while it is awaiting a refund after you leave Eventide. The interest we owe you is calculated at the base interest rate applicable at the time of your departure.

Note: All financials must be completed and returned before meeting with the Eventide CEO or delegate.

Full details here

Refundable Accommodation Deposit (RAD) of $395,000 or Daily Accommodation Payment (DAP) $90.47 or a combination of both – for example: RAD of $197,500 and DAP of $45.23 (calculated at 8.36% MPIR as @ 20/09/24. MPIR subject to indexation)

Please note that the minimum asset level, capped bond limit (for residents in care pre-20 March 2008), retention amounts and interest rates are regulated by the government and change at various times throughout each year. In addition, the board of Eventide, from time to time, can adjust the upper amounts of the  RAD by applying to the Aged Care Commissioner. Consequently, the figures contained in this information sheet may be different at the time of your admission.

The My Aged Care website has been established by the Australian Government to help you navigate the aged-care system. The gateway is part of the government’s changes to the aged-care system, designed to give people more choice, more control and easier access to a full range of aged-care services.

You can find more information about these and other improvements to Australia’s aged care system, as well as information about the aged-care workforce and a glossary of definitions that may help you understand any unfamiliar terms you come across while finding out more about aged care.

MY AGED CARE WEBSITE
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