A summary of Care and Accommodation rates.
The Commonwealth Government regulates the fees and charges levied by residential aged care providers. 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 approximately 85% of the single person rate of the basic age pension. 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. 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. 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 with Oryx.
Additional Services Fee
Residents are required to pay an Additional Services Fee to cover the cost of services beyond the Basic Daily Care Fee. At an Oryx home all Residents become part of the Oryx community and experience exceptional standards of living and our unrivalled amenities.
At Oryx 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.
Glossary of Terms
Refundable Accommodation Deposit (RAD)
A Refundable Accommodation Deposit (RAD) is a lump sum payment for accommodation: 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.
Daily Accommodation Payment (DAP)
A Daily Accommodation Payment (DAP) is a daily cost for accommodation, 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 an Oryx home.
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 formula used to calculate a resident’s DAP is: Refundable deposit (RAD) amount x interest rate (MPIR) / 365 = daily payment (DAP) amount.
For a full explanation of the aged care pricing structure and how it applies to your circumstances please see our frequently asked questions or contact our care team for more information.