How much does Aged Care cost?
While the Australian Government provides funding to residential aged care homes to help with the cost of care, most residents will also have to pay certain fees and charges.
There are two main types of costs associated with residential aged care:
- Entry fees, which include:
- accommodation bonds (for low level care and extra services)
- accommodation charges (for high level care)
- Ongoing fees for both low and high level care, which include:
- basic daily care fees
- income tested fees
- extra services fees (if applicable).
The type of accommodation payment paid by a new resident is based on the level of care required at the time of entry to an aged care facility.
The amount you will need to pay depends on your income and assets and the terms may be negotiable.
Your financial adviser can help you negotiate the best bond for your circumstances as well as discuss the implications and costs of these fees, bonds and charges.
Still not sure what it all means? Contact our Aged Care specialist, Melinda today.