The refundable accommodation deposit (RAD) essentially pays for a person’s room and amenities within the residential aged care facility.This can be paid as a refundable lump sum or a daily fee.
According to the survey, Canberra has the highest average RAD, representing a whopping 50% increase versus the same time last year. This increase in the average cost of the refundable accommodation deposit exceeds any other state or territory.
At Phillips Wealth Partners, we consistently track the cost of the RAD as it represents one of the largest payment layouts and can often determine which aged care facility a client will accept to live in.It can also cause significant angst for some clients when they are unclear about how they will afford the cost of residential aged care.
There is not a one size fits all approach when it comes to generating income to pay for home-based or residential aged care costs. Therefore, understanding the various financial options and strategies available is very important.
Phillips Wealth Partners specialises in finding the right aged care option for your clients and identifying the most relevant strategy to pay for care….so your clients have a choice of where they want to go for their later-years should they need 24 hour supportive care.