Koonambil Village

The cost of an Independent Living Unit at Koonambil Village represents an interest free loan to Koonambil Aged Care Ltd, in return for which the resident receives a licence to occupy the unit. Your money is safe and controlled by the terms of the contract between the resident and Koonambil.

Payment of $200,000 with a 6% per annum reduction for the first 5 years.
This provides for the resident to pay an interest free loan to Koonambil Aged Care Limited. When the unit is no longer required, the outgoing resident (or their estate) receives the original amount paid, less 6% of this amount for each year of occupation (calculated on a daily pro-rata basis).

Recurrent charges relate to the provision of services and include things such as management and administration services, gardening and general maintenance. The cost of these services is 25% of the single base aged pension for one tenant and 20% of the combined aged pension for couples.

When the premises are permanently vacated, recurrent charges cease as soon as the resident (or in the case of the resident’s death, the resident’s estate) returns keys to Koonambil management and the final inspection of the unit has been carried out.

Koonambil pays for water rates, council rates and building insurance. The resident pays for , telephone, power, Foxtel, contents insurance, blinds and curtains.

Residential Aged Care

Residents pay the following fees and charges on entry to any aged care facility.

Basic Daily Fee
The rates of basic daily fees are set using a percentage of the single age pension. Most residents will pay the standard rate of 85% of the single pension, however, each resident’s rate is determined according to their circumstances at the time they enter permanent residential aged care. Daily fees will be indexed on 20th March and September each year.

Means-Tested Fee
Residents in permanent aged care may be asked to pay a Means-Tested Care fee in addition to the basic daily fee. The amount they pay will depend on their income and assets assessments as assessed by Centrelink or Veteran Affairs depending on their circumstances and advised by the Department of Human Services. Current rates will be notified to residents upon admission.

This fee is paid directly to Koonambil Aged Care as part of the residents’ overall fee and contributes to the day-to-day costs such as nursing and personal care. The Department of Human Services will advise both the resident and the facility of the fee payable and will periodically carry out a review.

If the resident is not required to pay the means-tested care fee, the Australian Government will pay the full cost of their care.

There are annual and lifetime caps that apply to the means-tested care fee. Once these caps are reached the resident cannot be asked to pay any more in means-tested care fees.

Depending on the resident’s income and assets they may be asked to pay an accommodation payment. Some residents will have their accommodation costs met in full or in part by the Australian Government, while others will need to pay the full accommodation fee.

The amount they can be asked to pay for their accommodation will be based on their income and assets, as assessed by Centrelink or Veteran Affairs, and will be one of the following:

– No Accommodation Costs: if income and assets are below a certain amount, the Australian Government will pay accommodation costs.
– An Accommodation Contribution: if required to pay part of the cost of the accommodation, the Australian Government will pay the rest.
– An Accommodation Payment: if required to pay for the full cost of the accommodation

The Department of Human Services will advise which applies to the resident based on an assessment of their income and assets. Residents can choose to pay their accommodation costs by:

– Lump-sum style ‘refundable accommodation deposit’ (RAD) – Koonambil’s maximum RAD is $180,000.
– Rental-type payments called a ‘daily accommodation payment’ (DAP); or
– Any combination of both.
– Residents will have 28 days from the day they enter into care to decide their payment method.

Further information is available through the My Aged Care website.

Fees, being the sum of the basic daily fee, means-tested fee and accommodation payments where applicable are payable each fortnight in advance.

When a resident is required to pay an accommodation payment, the payment will commence from the day of admission.

Residents, relatives and or legal guardians are reminded that the resident agreement must be signed prior to or within fourteen (14) days of the date of admission. Failure to do so will not relinquish Koonambil’s right to charge any fees from date of admission.

Late payment of fees may necessitate charging of interest. Koonambil can also seek the intervention of Public Guardians and Centrelink to reassess nominees and management of the resident’s financial affairs. Continued late payments may cause Koonambil to issue the resident with notice to vacate the facility.