Below you'll find a list of all posts that have been categorized as “RAD”
When the time comes for a loved one to enter aged care, the common thought is – we need to sell the house to afford it! This is certainly not always the case. Understanding Aged Care Accommodation Costs One of the key considerations when looking into aged care is the main cost of accommodation, typically referred to as the Refundable …
When it comes to aged care in Australia, there are a lot of rules and regulations governing the administration and one of the questions we are often asked around refunding the refundable accomodation deposit and to whom. This is especially relevant when family members are offering to pay the RAD on a residents behalf. The RAD can be anywhere from …
Whether you’re an investor or borrower, you would be very aware of the recent increases to interest rates. On April 1, 2023, the aged care interest rate (also known as the Maximum Permissible Interest Rate, or MPIR) increased to 7.46%. This marks the sixth consecutive rise since October 2021 when the rate was merely 4.01% p.a. The new rate applies …
Each person has their own circumstances, you may be in a position where you are weighing up if you need to sell the family home to afford aged care costs, specifically the RAD. With so many variables and a lot to consider, there is no simple answer, however providing specific financial advice for aged care is what we do. What …
Nursing home costs (or aged care facilities as they are now known) are made up of the following components: accomodation costs, daily fee, care fee and extra fee/service fee. The accommodation cost is determined once an income and assets assessment is completed. This is arranged through either the Department of Human Services or Department of Veteran Affairs. A resident will be classified …
At Aged Care Specialists Vic, we often have overwhelmed family members come to us and ask how to reduce aged care costs. In most cases, the way to reduce aged care costs is to ensure the person entering aged care has minimised their assets. This will ensure they are receiving the maximum benefits towards the cost of their care and …
