How much does it cost to live at Lionsbrae?
Summary of fees and charges
The Australian Government provides the primary funding for aged care services however some fees are paid by the resident. These fees are determined by government bodies and you can find more information about how these are decided on the My Aged Care website.
This is a summary of the fees if you’d like to live at Lionsbrae.
Accommodation payments
The first type of fee is a Refundable Accommodation Deposit (RAD) which is sometimes referred to as an accommodation payment. Our standard RAD is $550,000 but we are a community-based organisation and so may negotiate this amount with potential residents on a case-by-case basis if needed.
If a RAD is to be paid by the new resident, there a several ways to pay it:
- You may choose to pay the total RAD in full upon entering Lionsbrae (and is refunded once you leave Lionsbrae)
- You may choose to pay a Daily Accommodation Payment (DAP). This is the RAD equivalent split into a daily cost and charged monthly; making it more affordable for many to access our services. (The DAP amount is calculated by applying the maximum permissible interest rate (MPIR) at that time to the RAD amount and dividing it by 365)
- You may choose to pay a combination of both RAD and DAP payments. If you can afford part of the RAD upfront you can make that payment and split the remainder into DAP payments to be paid over the course of your residency. For example: if you have a RAD of $550,000 and wished to pay it as a combination of say 60% RAD and 40% DAP you would pay: –
the RAD amount of ($550,000 X 60%) = $330,000 and
a DAP amount of ($220,000 X 8.38%) / 365 = $50.51 per day
Residents have 28 days to choose how to pay their RAD. Fully supported residents who have been recognised as having reduced financial means may not be required to pay the entry fees.
Daily care fees
The second type of fee is a daily care fee. All Lionsbrae residents pay a daily care fee which is equates to around 85 per cent of a basic single age pension. The daily care fee covers the cost of your daily care needs such as cleaning, utilities, laundry and meals.
The daily care fee generally increases twice per year in conjunction with pension increases.
Means tested care fees
Means tested care fees are calculated during your eligibility assessment and are based upon your income and assets. These fees are reviewed quarterly. Lionsbrae does not benefit from these fees, they are a co-contribution from any resident who is deemed to have adequate financial support. There is a yearly cap and a lifetime cap, which is indexed yearly, after which point you will only be required to pay your daily care and remaining entry fees.
A typical room at Lionsbrae
All residents’ rooms at Lionsbrae have a private ensuite, a nurse call bell, a built-in wardrobe, a comfortable bed and chair, and a sunny window. Residents’ rooms are about 25 – 27 square metres (including the private ensuite).