It is important to understand the costs of Residential Aged Care living; how much it will cost, what your payment options are, and what is covered in the costs.
A Resident’s specific costs will vary depending on their individual financial circumstance. The best way to fully understand the fees as they apply to you, is to speak to one of our team.
We are here to assist you in getting the best level of care available, and to ensure that when comparing aged care providers, you are correctly understanding of the information provided to you.
For a full explanation of pricing terminology and structure, please see the Glossary of terms below, or give us a call for assistance.
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 care needs and lifestyle 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 Care Fee
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 ($51.21 per day). This fee covers all daily clinical and nursing care and living needs, such as meals, laundry and cleaning.
Means-Tested Care 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.
Residents with sufficient assets are required to pay for their accommodation at The Richardson. A payment of either a Refundable Accommodation Deposit (RAD), Daily Accommodation Payment (DAP) or a RAD / DAP combination is permissible. 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 and the Commonwealth Government regulates control of these funds and fully guarantees the refund of the RAD upon departure. No exit fees apply at The Richardson.
The Richardson has a variety of room types to suit a range of budgets, please refer to the individual room types for the pricing information specific to that room.
The Richardson embodies refined and dignified luxury. All Residents become part of The Richardson community and experience exceptional standards of living and our unrivalled amenities that include a high standard and choice of meals prepared by a 5-star executive chef, alcoholic beverages with a main meal and happy hour, Sunday brunches, unlimited Wi-Fi, large televisions with on-demand content, newspapers, personal phone with calls included, concierge services and use of our café, indoor heated pool, gymnasium and our 5-Star on-site restaurant with bar and private dining room. Additional services are charged at only $43 per day.
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.
Refundable Accommodation Deposit (RAD)
A Refundable Accommodation Deposit (RAD) is a lump sum payment for accommodation at The Richardson: it is the price of a room or suite, which can be paid in full or in a combination of a percentage of the total RAD plus a Daily Accommodation Payment (DAP). The resident’s RAD is refunded in full when they leave The Richardson, with No Exit Fees. The refund of the RAD is financially guaranteed by the Federal Government.
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.
*Note that the balance of a resident’s RAD is refunded in full when they leave The Richardson unless any amounts have agreed to be deducted in writing in the resident’s accommodation agreement.
Daily Accommodation Payment (DAP)
A Daily Accommodation Payment (DAP) is a daily cost for accommodation at The Richardson, charged monthly in advance when a resident has not paid their RAD in full. DAP and contribution payments, unless paid in advance, are not refundable when a resident leaves The Richardson.
Maximum Permissible Interest Rate (MPIR)
The Maximum Permissible Interest Rate (MPIR), set by the Federal Government, is used to work out the equivalence between a RAD and DAP amounts for residents who are not paying an RAD amount in full. The current MPIR is 5.54%.
The formula used to calculate a resident’s DAP is: Refundable deposit (RAD) amount x interest rate (MPIR) / 365 = daily payment (DAP) amount