A maximum refundable accommodation deposit (RAD) paid as a lump sum amount and is completely refundable. 

A maximum refundable accommodation deposit (RAD) paid as a lump sum amount and is completely refundable. 

A maximum daily accommodation payment (DAP) accrues daily and is paid periodically, for example monthly.

As well as an accommodation payment you will also be asked to pay daily fees which contribute towards your daily living costs such as nursing and personal care, meals, linen and laundry, and heating and cooling. Daily fees are comprised of two parts:

• basic daily care fee which is set by the government at 85% of the full pension,
• an additional means tested care fee which is payable depending on assets and income of the resident.

Means Tested Care Fees (MTCF)

This is an additional contribution towards the cost of care that some people may be required to pay. The Department of Social Services will work out if you are required to pay this fee based on an assessment of your income and assets, and will advise you of the amount.

Maximum Permissible Interest Rate (MPIR)

The MPIR is a government-set interest rate used to calculate a daily accommodation payment based on your agreed room price. It is used to determine equivalence between a daily payment and a refundable lump sum deposit, giving you a choice in how to pay. The MPIR is not an interest charge to residents who have not paid for their accommodation costs in full. It is set at a level to ensure that if you choose to pay daily payments rather than a lump sum, the daily payments are sufficient to cover the costs of providing accommodation in your aged care home. You can find current and previous MPIRs on the Department of Health website.