Cost of Aged Care and Preparing Your Finance for It

How to Make Yourself Ready with the Cost of Aged Care Services

Aged care services are quite unaffordable, and could be very expensive for many to avail. Thus, it is important for you to prepare yourself before enrolling in any aged care program. It would be best for you to carefully weigh your payment options, and use an Aged Care Calculator to help in estimating your expenses in advance.

aged care calculator

Payment Options You have for an Aged Care Serviceaged care calculator

Aged care services have few payment options for you to choose from, and your individual financial case will dictate which option suits you best. Moreover, your individual needs and preference could also affect the service price, thus you should use an aged care quote calculator for you to know what to expect.

Refundable Accommodation Deposit (RAD)

The Refundable Accommodation Deposit is the overall payment of an aged care facility, and could be paid upfront by residents. However, in cases when residents leave before consuming the overall equivalent of the amount, the remaining balance will be refunded by the facility. If a resident die or simply leave the facility, for example, he or she will get the remaining amount from the paid RAD.

The RAD costs vary from one bed to another, and depends on different factors in and around the facilities as well. Such factor could include the location of the facility, the quality and features of the accommodation, and the market competition around the area. However, whenever a facility wants to put more than $550,000 price tag on their RAD, they are required to have an approval from an aged care pricing commissioner beforehand.

Daily Accommodation Payment (DAP)

To simply put it, the Daily Accommodation Payment or DAP is the periodical amount of equivalent amount of the RAD. Residents can opt for the DAP if they want to pay periodically, especially if they cannot produce the amount required for the RAD. The DAP is simply the full RAD amount multiplied into the imposed government interest rate, and dividing it into the number of days in a year.

Combined Payment Methods

If you are not satisfied with the RAD and DAP, you can combine them both into your payment processes and with some charges as add-on. For instance, aged care facilities could require residents to pay additional fees for basic daily necessities like food, and fees for additional services like daily newspapers and specified choice of meals. Thus, using an aged care calculator could be necessary for additional info about the finance you need to prepare.

Using Aged Care Calculators

Aged care calculators are online programs imbedded on websites, and aims to help you estimate the cost you need to prepare for an aged care service. Like the Arcare aged care calculator, for example, you can use it to know about the estimated cost of your stay in the Arcare’s facilities.

Knowing about the different payment processes you can choose for an aged care service, and all about the calculator you can use is definitely useful to prepare yourself. This can help you choose which services are best for you, and how can you pay it up with the cash you have. Moreover, feel free to check out https://arcare.com.au/quote-calculator/, for a reliable aged care calculator you can use.