Once you get a letter of approval for entry in an aged care home, the next question you will probably have to ask is the cost of caring for seniors. Moving into a care home is a big decision, after all, and it is important to gain a good understanding of the expenses associated with it.
Costs for aged care may greatly vary according to the type of care you require, the services and support that you have to hire, and, of course, your financial situation. It is recommended to seek financial advice when hiring home care to help you choose the right payment plan.
The Australian Government made a regulation to enforce limits on given aged care, how much you can be asked for accommodation and has calculated the maximum daily fees that go along with it to help ensure that costs are affordable for everyone. You are expected to contribute to the cost of your accommodation and care if you are eligible and is able to afford it.
There may be various fees that come with caring for seniors that you need to know:
Basic daily fee – This covers the basic day to day living costs such as meals, power, and laundry services. Everyone can be asked to pay for this particular fee.
Means-tested fee – This is a cost that you will have to pay if you are earnings and assets’ value is more than a certain amount. In this case, you will be asked to contribute a certain amount for your care. For example, you may be required to pay up to $245 for each day of your care depending on your valuation. Annual and lifetime caps could also apply.
Accommodation costs – Sometimes, you may be required by the government this payment in part or full. In some cases, you would need to pay the cost you have agreed with the aged care provider.
Extra service fees – These are for the premium services that you can avail from an aged care facility, which can include greater meal choices, fixtures with higher standards, and so on.
As a standard, the government implements a maximum limit on the basic daily and means-tested fees. Of course, they also implement rules for the amount you will be asked to pay for your accommodation in an aged care facility.
All aged care homes must discuss with you any accommodation payments and agree on them prior to entry.
Arranging Your Financial Assessment
This is very important to determine your eligibility for government assistance with accommodation costs, the need to pay for means-tested care fees, and your copayment for accommodation costs.
For veteran community members, the income and assets review may be undertaken by the Department of Veterans Affairs.
Naturally, an aged care home, like Arcare, will want to know whether or not the government will subsidise a part of your accommodation cost.
The assessment process may take time, so consider applying early before you need to move into a care residence. You will be sent a notification letter for the payments you have to make with a validity of up to 4 months.
Now, if you are looking for the best facility that offers caring for seniors that best suits your needs and location, you can check out Arcare. You can check their areas to know which of their facilities is closest to you. Search their names on the web and click this for more info.
You can also click here to know what services they can offer you or your ageing loved one.