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Cost - Merton Court

Cost

There are different types and amounts of payment that residents may be asked to pay depending on their individual circumstances. This is intended to give only a basic overview of the costs. Applicants should approach the Hostel to discuss their specific circumstances to determine how these fees and charges apply to them. (Most of the figures mentioned are indexed and subject to change. Check with the Hostel for current figures.) Centrelink/DVA undertake income and asset assessments for the purpose of determining a resident’s means tested amount. Where a resident does not lodge an application to assess their means tested amount they can be charged the maximum care fee and accommodation payment amounts; ie means tested care fee and maximum accommodation payment for the room they occupy.  Prospective residents must complete the Permanent Residential Aged Care Request for a Combined Assets and Income Assessment prior to admission.

You can find more information on the means tested care fee on the My Aged Care website and using the Residential Care Fee estimator.

Daily Fees

Residents must pay a daily care fee. For residents who are in receipt of a pension this is 85% of the pension rate (currently $49.42 per day).  New residents may be asked to pay a Means Tested Care Fee if they are assessed by Centrelink as being able to afford to do so.  This fee is calculated on their assets and income Assessment.

Fees must be paid at least fortnightly and in advance. Arrangements can be made to directly transfer payment from the resident’s account to the Hostel’s account on a fortnightly basis.

Low Means Residents

Merton Court Hostel will not ask those people who cannot afford a Refundable Accommodation Deposit or a Daily Accommodation Payment to pay. This will not affect their access to care.

The Hostel has a commitment to maintaining 40% of places for those people who cannot afford a Refundable Accommodation Deposit or Daily Accommodation Payment. These residents are termed “low means” residents and are those who are in receipt of a pension, have not owned their own home within the past two years and who have assets of less than $47,500.

Supported Residents

Merton Court Hostel will also assist residents who only have a small amount of assets between $47,500 and $162,815.20.  The second asset threshold is $393,445.60. They must also be in receipt of a pension and not have owned their home for the past two years.

Accommodation Pricing from 1st July 2014

The way new residents pay for aged care has changed.  Accommodation Bonds are a thing of the past and have been replaced by Refundable Accommodation Deposit (RAD) which is a lump sum refundable payment.  New residents may also choose to pay a Daily Accommodation Payment (DAP) instead of a lump sum, or, they may choose to pay a combination of lump sum (RAD) and daily payment (DAP).  New residents will have 28 days to decide which way they will pay.  Until that decision is made, the default method of payment is the Daily Accommodation Payment (DAP).

More information is available on the My Aged Care website: http://www.myagedcare.gov.au/

Merton Court will only charge a RAD or DAP if the resident can afford to pay.  Merton Court has two (2) room prices.  The maximum RAD you will be asked to pay for each room category is:

  • single size room with refurbished ensuite is $440,000.  The equivalent DAP is $68.71.  An example of a combination payment of 50% refundable deposit and 50% daily payment using those figures is $220,000 lump sum (RAD) and $34.35 daily payment (DAP)
  • double size room with a refurbished ensuite is $550,000.  The equivalent DAP is $85.89. An example of a combination payment of 50% refundable deposit and 50% daily payment using those figures is $275,000 lump sum (RAD) and $42.95 daily payment (DAP)

The above pricing is subject to review and changes.  It is intended as a guide only.  The MPIR is reviewed quarterly and any change to the MPIR will impact the DAP, with the same RAD pricing.  The next review is due on 1st January 2018.

All new residents should seek independent financial advice prior to deciding how they will pay for their aged care accommodation.

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