Few questions on the financial side of thing of Residential Aged Care (if anyone can advice, it would be greatly appreciated):
- Upon submitting the Income and Assets assessment to DHS, what will be the outcome of this? As in, will it be in forms of % (percentage) contribution for Basic Daily Fee and % (percentage) contribution for DAP? or will it be the actual $ for Basic Daily Fee & DAP? If it's the latter then I don't understand because each Nursing Home has different Max daily fee and different Max RAD.
EDIT: it does sound that the outcome will be in the actual $ contribution as per the link here but what I don't get, each nursing home has different max RAD and different max Daily Fees …
for example: we surveyed an aged care home that we like, with Maximum refundable deposit of $295,000 and Maximum daily payments of $44.78 and say the assessment tells us that we need to contribute on both Basic Daily Fee & DAP. how does it work? will they (Centrelink DHS) tell us that we need to at bare minimum contribute $100,000 towards RAD and based on that, the max daily fee will be $29.59/day (based on current 5.54% interest rate)? but then, when we submit the assessment for asset and income, they (DHS) don't know which nursing home we're going to and whether we'll be going for a single room or a room with 4 people, so how would they know how much that we need to contribute?
with the $100,000 RAD, I understand that the Australian government guarantee on the refund once Granpa leave the nursing home; who does this refund go to? I presume when we enter the Aged residential home on permanent basis, there'll be paperwork for us to fill in the nominated person for the refund of RAD?
just for me to understand the relationship between RAD and daily fee; in the above example, say we put in the Max RAD of $295,000, does this mean we don't have to pay anything on daily basis? (in real case scenario, i am actually thinking of submitting Financial Hardship as Granpa won't have access to his Pension).