Two-thirds of Aussies expect aged care to cost $400 per week or less – and we want the Government to foot the bill
Then there is the service fee if you want additional services such as alcohol, cable in your room, special therapies such as massage, a wider choice of meals, and facilities likes gyms, pools and cinemas – and this is not always an optional fee.
We calculate the conservative average you’d pay for a Sydney aged care home – based on a daily fee of $50.16, a Daily Accommodation Payment (DAP) of $106 per day (or RAD of $650,000 converted to a DAP), means-tested fee of $50 and a service of $40 – is $1,727.85 a week.
Fee increases on the cards
It’s also likely that these charges will increase in the future. Last year David Tune recommended a range of measures to the Federal Government including increasing the cap on the basic daily fee, to $100 a day (those with less means would still be capped).
Most have yet to be followed up on, but with Health Minister Greg Hunt pledging last week to increase funding to the sector, they are on the cards.
None of us like talking about our care needs as we age – but it’s a conversation we need to have, as this latest research highlights.
Only nine per cent of respondents had a financial or savings plan for their future care, while just three per cent had sought financial advice.
With more of us living longer and relying on in-home and aged care, it is worth being prepared – and educating yourself about the potential costs involved.
You can find out more about your care options at agedcare101.
https://www.agedcare101.com.au/contributors/annie-donaldson
https://www.agedcare101.com.au/contributors/jill-donaldson-care
