What are the costs for a nursing home? Nursing home costs (or Aged Care Facilities as they are now called) are made up of the following components: • Accommodation Cost • Basic daily fee • Means tested care fee • Extra service or Additional service fee. The accommodation cost is determined after completing an income and assets assessment with the “Department of …
What is the Refundable Accommodation Deposit and how is it paid? (previously known as an Accommodation Bond)
The Refundable Accommodation Deposit (RAD) explained The Refundable Accommodation Deposit (RAD) forms part of the nursing home costs (there are four different costs involved – the RAD, the basic daily fee, the means tested care fee and the extra or additional service fee). The Refundable Accommodation Deposit (RAD) is an upfront deposit that covers ‘rent’ of your room for as long …
Do I need to sell the family home to pay for the Refundable Accommodation Deposit?
If you’re in a position where you may need to sell the family home to afford nursing home fees, then you should consider getting financial advice for aged care At the outset it is important to point out that you should seek specialist aged care financial advice on this topic as there is no straightforward or simple answer to this …