The Commonwealth Government regulates the fees and charges levied by residential aged care providers, such as The Richardson. These costs vary depending upon a number of factors relating to a resident’s needs and wants, pensioner status, and their personal assets. In general, the cost of residency is a combination of a Basic Daily Fee, covering ongoing care, and a Refundable Accommodation Deposit (RAD), relating to the type of room occupied.
Basic Daily Fee – this care fee covers all daily clinical and nursing care, and living needs such as meals, laundry and cleaning. The Basic Daily Fee is set by the Commonwealth Government, and is currently fixed at 85% of the single person rate of the basic age pension ($52.25 per day).
Means-Tested Fee – if a resident receives income from sources other than the aged pension, and/or personally owns assets, they might be required to pay a Means-Tested Fee. This requires the resident to contribute to their Basic Daily Fee, rather than the Commonwealth Government paying for all of their care. To obtain an estimate of this fee, Residents are encouraged to use the Residential Care Fee Estimator available on the myagedcare.gov.au/ website or seek their own financial advice to ensure access to Commonwealth Government assistance is optimised.
Additional Services – in recognition of higher standards of service, accommodation and amenity (including meal choices, activities, on-demand TV/Foxtel, heated pool, day spa, hairdresser, cinema, private bus, courtyards and gardens) our rooms are designated as Additional Service areas. The Richardson’s Additional Service fee is $43 per day.
Residents with sufficient assets are eligible to lodge a RAD with The Richardson. The payment of a RAD is a secure and attractive method of funding residency at The Richardson. There is no Stamp Duty or GST payable upon entry, no exit fees, and the Commonwealth Government regulates control of these funds and fully guarantees the refund of the RAD upon departure.
Each room type at The Richardson has a maximum RAD value that has been approved by the Commonwealth Government (the full RAD), however, the full RAD can be reduced if a resident elects to pay some (or all) of the RAD by a Daily Accommodation Payment (DAP). In certain circumstances, a resident can elect to pay for some or all of their Means-Tested Fee and/or Additional Services fee by drawing down upon their RAD.
At The Richardson we are committed to providing quality care and accommodation to all the community, including those with limited financial capabilities. Our Residential Accommodation Review Committee will consider all applications from all individuals or their family for this assistance and eligibility criteria can be provided.