Below you'll find a list of all posts that have been categorized as “RAD”
One of the first big decisions families face when a loved one needs to move into residential aged care is how to pay for the room itself. It comes down to two options… or a mix of the two: the RAD and the DAP. It’s easy for the acronyms to get confusing at a time when you’re already juggling a …
When aged care is mentioned, the family home is often one of the first big discussion points. It’s emotional – and can feel overwhelming – especially if there was no plan in place. When you’re presented with a RAD (Refundable Accommodation Deposit) that could be $600,000+, selling the home might seem like the obvious option. But before you make that …
Navigating the aged care system can feel overwhelming – especially when finances come into play. One of the most common concerns we hear is: “Can I afford aged care?” The good news is, the Australian Government helps fund residential aged care, making it accessible to everyone who needs it. However, the costs can vary greatly depending on the facility, your assets and …
A question often asked on our articles or through calls to our office is when does the RAD get refunded? There are three main situations when this happens. A resident passes away In this case, the Refundable Accomodation Deposit (RAD) (less any allowable amounts deducted from care provided) has to be refunded within 14 days of the provider receiving: Moving …
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 …
The Refundable Accommodation Deposit (RAD) forms part of the nursing home (aged care) costs. There are four different parts involved: the RAD, the basic daily fee, the means tested care fee and the extra or additional service fee). The Refundable Accommodation Deposit (RAD) is an upfront deposit that covers ‘rent’ of your room for as long as you need it. …
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 …
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 …
