Residents will be means tested to determine the financial contribution they need to pay towards their aged care. There are three components to the total fee payable which comprise of a:
Basic daily fee of 85% of the single basic pension
A care fee
An accommodation payment
In regard to the Care Fee, annual and lifetime fee caps will apply. From 1st July 2014, care fees for age care residents will be capped at a maximum of $25,000 per annum and $60,000 over their lifetime.
Residents will have up to 28 days after entering a facility to decide on their payment method. Accommodation costs will be determined by a resident’s assessable income and assets. The prices of rooms must be published on the ‘myagedcare’ website.