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. …

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 …

The Importance of Professional Aged Care Advice

Taking the step to obtain professional aged care advice is not taken lightly. Making the decision to transition to aged care can be a complex and emotional process for both individuals and their families. With an array of financial considerations and entitlements to navigate, seeking professional assistance from an experienced financial planner specialising in aged care can significantly ease the …

Common Mistakes to Avoid in Aged Care Financial Planning

When it comes to planning for aged care, seeking guidance from an experienced aged care financial advisor is crucial. These professionals specialise in navigating the complexities of aged care and can help you make informed decisions. However, it’s essential to be aware of common mistakes that people often make during the financial planning process Not wanting to pay for professional …

Should I Pay for my Parent’s Refundable Accomodation Deposit for Aged Care?

Navigating aged care and the costs associated can be a nightmare. One of the biggest hurdles to face is coming up with the required Refundable Accommodation Deposit (RAD). To enter an aged care facility, in most cases, a large sum is required. Families often want to pay their parent’s RAD to potentially prevent them having to sell the family home. And …

EOFY: Aged Care & Centrelink. What to do.

With the end of 2022 financial year approaching, it is a great time to review any Centrelink or aged care entitlements you have. As always, we are here to assist you. If you have any questions about the issues mentioned below, please don’t hesitate to contact us. Here are some things to consider: Applying for Centrelink or DVA benefits The …