Refundable Accommodation Deposit (RAD)
What is the Refundable Accommodation Deposit?
- The Refundable Accommodation Deposit should be considered as a fully refundable, interest free loan to the aged care provider, during the residents stay within the aged care home.
When is the Refundable Accommodation Deposit applied?
- The maximum level of RAD for the room is published by the aged care provider, and the RAD can be negotiated with the provider to pay a level of RAD that is agreeable to both parties.
- If you chose to pay the accommodation payment as a lump sum RAD within the first 28 days of the stay, then you have six months after date of admission to pay that lump sum. In the interim, the aged care provider will charge the equivalent
Daily Accommodation Payment - DAP on the unpaid lump sum RAD.
- The balance of the RAD will be refunded to the resident or the estate) when the resident leaves the aged care home, less any amounts agreed to be taken out. Any deductions, such as extra services or care fees, must first have been agreed with the resident in writing and listed in the resident care agreement.
Next Step ?
Do you have any questions about the Refundable Accommodation Deposit, Aged Care Fees and Charges or Aged Care Placement in general ? Contact Us