Aged care costs

Step 3: Costs

Find out more about aged care costs

For peace of mind, it’s critical that you understand aged care costs - particularly the costs of residential aged care as well as any fees and charges you may incur along the way. It’s also important to understand that the overall amount you pay for both care and accommodation depends on your individual financial situation.

The Department of Human Services (DHS) is the body that determines your financial situation. To do this, DHS conducts a Combined Income and Assets Assessment, which is a form that you need to complete and submit to the government.

Since DHS can sometimes take a long time to send you the outcome of your income and assets assessment (14-120 days), we recommend using the government’s Fee Estimator to help you estimate the likely cost of aged care. The Fee Estimator can be found on our website here opalhealthcare.com.au or at the My Aged Care website myagedcare.gov.au. It’s important to remember that the accuracy of the Fee Estimator depends on the accuracy of the information you enter, so it’s important to be as precise as possible.

We also encourage any person considering residential aged care to seek independent financial advice for aged care costs. This will help you access any government assistance to which you are entitled and advise you on the likely costs of your care. If you need help finding an independent advisor, please speak to our team at your local Opal HealthCare Community or you can contact DHS for a referral.

5 Steps into Residential Aged Care

Commonly asked questions about aged care costs

  • Aged care costs are determined by the Department of Human Services (DHS) who will assess your financial situation. To do this, DHS conducts a Combined Income and Assets Assessment, which is a form that you need to complete and submit to the government.

  • The Combined Income and Assets Assessment form (SA457) is an extensive questionnaire with over 140 questions about what you and your partner/spouse own and earn. It’s important to understand that you are considered to own half your assets with your partner/spouse regardless of who holds the title to the assets. As part of your assessment, you will be asked to provide details of all assets owned by both of you.

  • Government subsidy eligibility and amount depends on an individual’s situation and needs. If you are eligible, this will minimise some of your aged care costs. For more information about government subsidy for residential aged care please visit MyAgedCare
        

  • When choosing a residential aged care provider, it is important to understand aged care costs and fees. These include:
    •    Accommodation Charge (the cost of your room) - These are set by individual Care Communities and varies between them.
    •    Basic Daily Care Fee (meals, laundry, cleaning and other day-to-day costs) – These are set by the Australian Government and is the same across every Care Community in Australia.
    •    Means-Tested Care Fee (to supplement the cost of your overall care) - These are set by the Australian Government based on an assessment of your personal financial situation.
    •    Additional Services Fee or Extra Services Fee - (higher-end services and accommodation) These are set by individual Care Communities and varies between them. In some, Additional Services or Extra Services are optional and in others, residents are required to purchase these services as a condition of entry
    For further information download our 5 step guide.

  • To find an estimate of your aged care costs and fees, use the fee estimator that will consider:
    •    The basic daily fee
    •    Your means-test 
    •    If you are eligible for financial assistance
    You can also use our find a Care Community search tool to see prices from different rooms at each of our Care Communities.

  • Aged care costs will vary depending on an individual’s needs. Some additional service fees you should consider include, but not limited to:
    -    Wellness centres and physical therapy 
    -    Facilities such as gym and pool 
    -    Beauty services such as onsite hairdresser and beautician 
    -    Recreational/entertainment activities 

  • There are three ways to pay:
    1.    Refundable accommodation deposit (RAD) which is a lump sum payment 
    2.    Daily accommodation payments (DAP) which is recurring rental type payments 
    3.    Combination of RAD and DAP. 
     

opal pebble background opal pebble background

Start exploring our Care Communities today

Find a Care Community