Fees and pricing

As a not-for-profit organisation, revenue from fees is used to deliver and improve the services provided to the Napier Street Aged Care community.

Fees are payable per calendar month and are based on your personal financial position and preferred payment and fee option. After moving in, you have 28 days within which to choose the option that’s best for you.

Residential Daily Care Fee

All residents, regardless of income, pay a residential care fee, which covers the daily cost of meals, cleaning, heating, laundry etc. Currently, the fee is $49.42 per day. This is the minimum amount payable by every resident regardless of financial status and is adjusted each March and September in line with changes to the Age Pension. In addition, residents who are above the income and assets test threshold may be required to pay a higher Means Tested Care Fee.

How is the rate calculated?

The maximum basic daily fee is 85% of the single person rate of the basic Age Pension. From 20 March 2017 to 19 September 2017 the single rate of the basic Age Pension is $808.30 per fortnight. Therefore, 85% of the single rate of basic Age Pension is $687.05 per fortnight or $49.07 per day.

Full Pensioner

 

Maximum Daily Care Fee: 
$49.07 per day*

Means Tested Daily Care Fee:
Not Applicable

Part Pensioner

 

Maximum Daily Care Fee:
$49.07 per day

Maximum Means Tested Daily Care Fee:
$72.27 per day

Non Pensioner or Self Funded Retiree

 

Maximum Daily Care Fee:
$55.09 per day

Maximum Means Tested Daily Care Fee:
$72.27 per day

Accommodation Fee

The accommodation fee is paid by residents above the income and assets test threshold, and is used to pay for improvements and capital works to the facility. Since July 2014, residents with sizeable assets have had the option of paying a Refundable Accommodation Deposit* (RAD) or a Daily Accommodation Payment (DAP). You don’t need to choose which option you prefer before you move in. In fact, you have up to 28 days to decide which is more suitable for you.

Option 1: Refundable Accommodation Deposits – RAD

Formerly known as Accommodation Bonds, the RAD is a one-off, refundable deposit into a trust fund managed by Napier Street Aged Care. This deposit is held for the duration of your stay and then refunded (minus some expenses) to you or your estate when you leave.

Currently, the Board of management has set a maximum RAD of $550,000, which is in line with Commonwealth Government legislation.

Option 2: Daily Accommodation Payment – DAP

Instead of paying a single RAD, you may choose to pay a daily fee. By law, this fee is calculated as follows:

Refundable Accommodation Deposit x MPIR 
365 days

The MPIR is the “Maximum Permissible Interest Rate” and is set by the Commonwealth Government each quarter.

The current MPIR can be found at www.dss.gov.au and in the first half of 2015 it was around 6.5% but it can increase or decrease.

Option 3: Combination of RAD and DAP

Finally, it’s possible pay a combination of Option 1 and Option 2 above. For example, if you decide to pay half the RAD up front, then your DAP is calculated as:

 50 % Refundable Accommodation Deposit x MPIR 
365 days

Visit this link to see more detailed examples of the calculations.

Maximum payment

The Department of Social Services (DSS) has established a cap on the amount a resident can pay in one year as well as a lifetime cap. Residents will receive advice from us and the government when these caps have been reached.

Important to remember

Since every person’s circumstances and needs are different, we strongly recommend that you and/or your family seek independent, professional financial advice before choosing a payment option.

While we are not able to provide any financial  advice to you, the team at Napier Street Aged Care will happily answer any general questions you may have regarding costs associated with admissions as far as we are able.