Information about the cost of residential aged with MYVISTA
Fees and charges
The amount you will need to pay for Residential Aged care will depend on your current financial situation.
You need to lodge your Income & Assets information with Centrelink. Based on the information you supply in the test, Services Australia will determine how much you need to contribute to your accommodation, care and daily living.
An estimate of the fees you will need to pay can be obtained using the fee estimator available on the Government My Aged Care website.
If you are able to supply details of your income and assets, the Customer Service team at MYVISTA can also supply you with a cost estimate of your fees (basic information only), pending the outcome of the Centrelink assessment. However we strongly recommend you speak with your financial advisor.
There are three areas of costs for aged care
This is an amount that some people pay to contribute towards or cover the full costs of their room, depending on their means assessment.
Fully supported resident
If your income and assets are below a certain level, the government will subsidise the full cost of your accommodation.
Partially supported resident
You will contribute to your accommodation cost and the government will subsidise the balance. The amount you contribute is determined from your Assets and Income information and will be calculated as a Daily Accommodation Contribution (DAC) or Refundable Accommodation Contribution (RAC).
Non supported resident
You will pay the full cost of your Accommodation. This cost can be paid in 3 ways:
- A refundable lump sum amount known as a Refundable Accommodation Deposit (RAD). The current maximum RAD payable for a room at MYVISTA is $550,000
- A Daily Accommodation Payment (DAP) calculated as a Maximum Permissible Interest Rate on the RAD.
- A combination of both (RAD/DAP split). You can make a partial lump sum payment of the RAD and then pay a DAP on the balance.
For example, you pay a $200,000 deposit on the RAD which reduces the DAP to $38.45 (as the interest calculation is only applied to the RAD balance of $350,000)
You have 28 days from the day you move in to decide how you would like to structure your accommodation payments. Until you decide how to pay for your accommodation, you will be charged a daily rental payment.
Care and Daily Living costs
In addition to the cost of your accommodation, fees are also charged for your care and daily living costs. There are two types of care costs.
Basic Daily Care Fee Every resident in aged care, including respite residents, is required to pay a basic daily fee as a contribution towards care and living expenses. This is set by the Government as a daily rate equal to 85% of the basic single age pension.
Means Tested Care Fee Some permanent residents may need to pay an additional cost towards their care fees depending on their income and assets. This fee is set and reviewed by the Government and reduced the care subsidies to the provider.
Our friendly and knowledgeable staff are happy to answer further questions. Phone them on 9207 4666 (option 2).
Frequently asked questions
If you’re worried that you may not be able to afford your permanent residential care costs, you can ask to be considered for financial hardship assistance. If you are eligible, the Australian Government will pay some or all your aged care costs.
If you are receiving care through another aged care program, please speak to your provider.
Yes, you can. In fact, it's recommended that you seek independent financial advice before deciding how to pay for your aged care.
Services Australia’s Financial Information Service (FIS) is a free service available to everyone. FIS officers can show you how to make informed financial decisions and help you to understand the financial implications of your aged care costs. They can also help you understand how different payment methods for residential care may affect your pension and aged care costs if you ever need to move into an aged care home.
The preferred method is Direct Debit but other arrangements can be accommodated.
If you intend to pay a RAD but need to sell your house or other assets to fund the RAD payment, we will charge you the DAP based on the price of the accommodation (less any RAD you have paid).
Accounts are sent out each calendar month.
Our preferred method of payment is via an approved Direct Debit Authority, however alternative payment methods can be arranged with our Accounts team