Aged Care Financial Planning in Melbourne: All You Need To Know

When you start your journey into finding someone to help you with aged care financial planning in Melbourne, finding a reliable and experienced financial advisor is crucial. Your journey towards securing the best financial future for yourself or a loved one starts with selecting a trustworthy professional.  The Importance of Aged Care Financial Planning You truly can’t under value the …

Four steps to take before downsizing your home

Leaving the home you have lived in for years, often decades, the one that you always thought wouldbe your “forever home” can be tricky financially and emotionally. Consequently, the decision todownsize requires careful consideration, research and planning to make sure you get it right. Understanding the motivations behind downsizing is paramount. People choose to downsize for various reasons: seeking a …

What is the Refundable Accommodation Deposit and how is it paid?

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 Does The RAD Get Refunded?

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 …

Downsizing? What you need to consider…

As more Australians than ever before are living longer, the concept of downsizing is one which has never been so prominent. Over the years, family homes have become much bigger meaning as age sets in, a large home with the attached maintenance may no longer suit. Here are the key considerations to keep in mind when starting your downsizing journey. …

Aged Care Rating: How to View & Understand

Aged care ratings are quite new in the ever changing world of aged care. Understanding the quality of service provided by care facilities is so important when choosing care for a loved one. The Australian Government has implemented a Star Rating system, introduced in December 2022, to help individuals assess the performance of aged care homes. This system is a …

Refunding the Refundable Accomodation Deposit (RAD): How It Works

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 …