Affording The Best Option - Case Study
Recently we assisted a family with placement of their mother into a Residential Care facility. After lodging applications for their mother, she was offered placement at two facilities. The Accommodation Cost at one facility was $550,000 and at the other facility it was $400,000.
The family looked at both facilities, and preferred the one with the $550,000 Accommodation Cost. However, their mother didn’t have enough money to pay for this facility, having approximately $400,000 to spend.
The daughter said that they wanted what was best their mother, and didn’t mind if their inheritance was diminished as a result of her getting the best possible Residential Care placement.
We explained to them that it would be possible for their mother to pay a part Refundable Accommodation Deposit (RAD) of $400,000, and the residual $150,000 by way of a part Daily Accommodation Payment (DAP) of approximately $25 per day. And that it is also possible for the family to request the facility to deduct the DAP from the RAD, meaning a slightly lesser amount will be refunded to their mother’s estate.
The family thought this was a wonderful solution, and accepted the offer of a placement at the facility with the $550,000 room.
We find that families who engage our services want the best possible outcome for their family member. Through using the payment option of paying a part RAD and a part DAP it is likely to enable you to consider most facilities, even if their Accommodation Cost is significantly higher than others.
Through our financial knowledge we are able to explain fees to families, provide them with an estimate of the fees and how they are calculated, and assist them with completing the Assets and Income Assessment. We are not licensed to provide financial advice, however we are able to refer you to financial advisers who specialize in aged care.
We offer our Residential Care placement service where we can find you a good quality facility to move to, and we also will explain the costs and the options available for payment.