As a Government funded Residential Aged Care Facility, our fees and charges at Fairway Hostel are set according to the requirements as outlined on the Department of Social Services website: www.myagedcare.gov.au
The specifics of each fee and charge is outlined on the web-site, however in summary, your fees and charges will include the below.
This fee applies to all residents and is revised twice annually on March 20 and September 20;
This fee is assessed by the Department and is based on information submitted on the form Permanent Residential Aged Care – Request for a Combined Assets and Income Assessment (SA457). This form is available on the Department website at www.myagedcare.gov.au and must be completed and submitted to Centrelink on admission or no more than 3 months before admission. The assessed means tested fee is normally advised by the Department within 28 days of receipt of the form, and the fee charges are back-dated to the admission date
As of the 27th July, 2017, the Accommodation Contribution for Fairway Hostel is $731,230. This amount is indexed annually.
Residents who are assessed as having Low Means status, and who have a valid Statement of Assets from either Centrelink or DVA, may be either fully or partly exempt for paying the maximum Accommodation Contribution.
Residents with assets above the low means limit can choose to pay their accommodation contribution by a Refundable Accommodation Deposit (RAD), a Deferred Accommodation Payment (DAP), or a combination of both.
The final decision as to the exact combination must be advised by the resident within 28 days after admission, but, until this advice is received, the default is taken to be 100% DAP, with interest charged on the unpaid balance. The interest rate set at admission is revised by the Department from time to time, and is listed on the Department web-site.
A RAD is paid as a lump sum amount and does not have to be paid immediately on admission. However, if this option is chosen in full or in part, this indicates that the amount advised is intended to eventually be paid in full. A DAP is charged monthly in arrears on the unpaid portion of the refundable deposit until the agreed amount is paid in full. The interest rate is set on admission at the Department rate as specified on the government web-site. A DAP accrues daily and is invoiced monthly. It is the equivalent to interest calculated on the advised Accommodation Payment amount at the government advised interest rate as above.
A combination payment includes both RAD and DAP. Managing combination payments by drawing down daily payments from your partial lump sum paid is an option that should be discussed with your financial advisor.
In cases where pre-entry leave applies or social leave is exceeded , and this leads to loss of government subsidy, these losses will be invoiced to the resident.
Additional Services such as Fairway’s enriched living packages are available for an additional fee which will be included in the monthly invoice.
Invoices are sent in the last week of each month to either to the resident or to the resident’s nominated financial contact who is designated as responsible for organising payment.
Aged Care Fees are payable monthly in advance, with payment due in the first week of the month. Payment, or part payment, of invoices may be made by deduction from the Refundable Accommodation Deposit (RAD): conditions apply.
Inquiries in relation to fees and charges at Fairway Hostel can be directed in office hours through Reception to the Finance Department: (03) 9599 4199