Understanding Costs & Contracts
Whether you are looking to move into an exciting Retirement Community or a homely Aged Care Residence, TriCare is committed to helping you make the best decision for you or your loved one.
Find below some explanation about the fees and charges you may expect to have in every step of the way while living in one of our Aged Care Residences and Retirement Communities.
To find out more please call 07 3360 9000 to speak to a consultant.
1. Moving in
We can assist you in the process required to arrange an ACAT* assessment for a loved one.
Simply call 1300 TRICARE (874 2273) to speak with one of our Aged Care Specialists.
An ACAT* team member will visit you to gain an understanding of the lifestyle and needs of the person requiring full-time aged care.
Your contribution towards the cost of care, accommodation and services is subject to your individual financial circumstances and is determined by the Government.
In standard residential care, the Australian Government and Centrelink set a basic daily fee based on an individual assessment of a resident’s income and assets. Providers are bound by these determinations.
A financial assessment of an individual’s circumstances will be conducted by Centrelink prior to (or shortly after) entry into a Residential Aged Care facility.
To find out whether your loved one is able to receive a subsidy from the Government and lower the cost of Aged Care, you will need an Aged Care means test assessment.
Call 1300 TRICARE (874 2273) to speak with one of our Aged Care Specialists who can assist you in the process to get an assessment.
When you have been assessed as requiring care, you can start the process of finding a suitable Aged Care home.
All facilities will have very different feels, so it is important when making your decision that you are comfortable with the management, presentation and staff at that facility.
You can browse our locations and services offered here.
When a resident moves into a unit or apartment in a TriCare Retirement Community, they gain much more than just accommodation. Residents are acquiring a quality lifestyle, access to a wide range of facilities, activities and services, and the security of living in a community environment.
Generally, the purchase price of units within TriCare Retirement Communities are more affordable than the median price in that area. As our communities operate under a lease or licence, you will not have to pay stamp duty when you move in.
Financial information, fee structures and inclusions vary between our Retirement Communities.
Please refer to the specific Retirement Community ‘Prices, fees and charges’ flyer and the applicable Disclosure Documents for detailed information.
TriCare acknowledges that the decision to move to a Retirement Community involves a major lifestyle change and is not a simple decision. This understanding ensures prospective residents enjoy patience, courtesy and support from our staff throughout the decision-making process, which may take many months. We want the decision to move into a TriCare community to be the right decision for you.
Residents wishing to occupy a unit in a TriCare Retirement Community purchase a lease/licence and preference shares* in the TriCare company which owns the particular community.
The Disclosure Documents contain details of the relevant buy-in process, so intending residents are able to seek legal advice with regard to the terms and conditions.
Each Retirement Community has a form of Disclosure (as applicable to the State the community is located) which provides details of how the community operates and relevant terms including tenure, service fees or charges.
Disclosure and cooling-off periods are set by legislation.
TriCare recommends prospective residents discuss the documentation thoroughly with their solicitor, accountant and family. The Acts listed below, and all subsequent amendments, set out guidelines to which Retirement Villages/Community must comply.
Retirement Villages Act 1999 (QLD)
Retirement Villages Act 1999 (NSW)
Retirement Villages Act 1986 (VIC)
*Preference Shares are not applicable in all Retirement Communities.
2. Living in
Residents will be asked to pay fees which contribute toward accommodation, services and care. The Commonwealth Government has enacted protections to ensure that Residential Aged Care is affordable for all Australians, regardless of their financial situation.
Your contribution towards the cost of care, accommodation and services is subject to your individual financial circumstances and is determined by the Government.
Within Australia’s Aged Care system, there are four possible fees you may be required to pay for Care and Accommodation.
BASIC DAILY FEE – Covers the basic living costs such as meals, cleaning, laundry, heating and
cooling. Set by the Government and is 85% of the single person rate of the basic Age Pension. This applies to all permanent and respite care residents. Everyone entering an Aged Care home is required to pay this fee.
MEANS TESTED FEE – Contribution costs based on an individual’s income and assets assessment. The Department of Human Services (DHS) work out if mean tested care fees apply
There are 3 ways to pay the accommodation fee:
RAD – Refundable Accommodation Deposit – Fee paid as a lump sum; you have up to 6 months to pay. A DAP will apply until paid.
DAP – Daily Accommodation Payment – Fee paid as a daily payment, calculated using the Government approved interest rate. This rate will vary from time to time but is fixed at the date
of admission.
RAD & DAP – Combination Payment – This provides you with the opportunity to combine the lump sum and daily payment options.
Extra services are hotel-type services, and a higher standard of room than basic Aged Care accommodation. It includes room features, entertainment equipment, and food services such as alcohol and more menu options. Extra service status varies by residence. Residents are required to pay a fee for these services as determined by the Department of Health*.
Additional services are also available. These are optional and agreed between the resident, or their representative, and the TriCare Aged Care Residence. Fees for additional services cover premium services such as newspapers or magazines, Pay TV subscriptions or additional technology requirements. Costs vary based on the resident’s preference and location.
Set by the Commonwealth Government and the Aged Care provider.
At all TriCare Retirement Communities, the annual operational costs for providing facilities and services are funded by the residents. These costs are calculated on a monthly basis and are called:
• General Service Charge and Maintenance Reserve Fund Contribution (QLD)
• Recurrent Charge (NSW)
• Maintenance Charge (VIC)
TriCare does not profit on the above fees paid by the residents. Fees/charges typically include:
• Staffing and administration costs, community cleaning and waste services, community electricity and gas accounts
• Government rates and charges (including water), general insurance on units, community buildings, facilities, equipment and furnishings
• Repairs and maintenance to the exterior of residents’ units, all community buildings, facilities, equipment and common gardens
• Contribution to the Maintenance Reserve Fund (applicable in QLD)
• Community bus costs (if applicable)
Residents are typically responsible for the following costs:
• Personal telephone, electricity and gas accounts
• Internal repairs and maintenance*
• Contents insurance
*Internal repairs and maintenance are included in the fees/charges in some communities.
The General Service / Maintenance Charge budget is determined yearly by TriCare in consultation with residents, as necessary. Annual increases in the fees/charges (excluding the contributions to the Maintenance Reserve Fund applicable in QLD) are limited to CPI increases and external cost increases (e.g. council rates) unless approved by the residents.
For Serviced Apartments, a fee is charged for the Serviced Apartment facilities and fixed costs of providing services.
Additional fees are charged for:
• Breakfast, lunch and dinner
• Weekly supply and launder of bed and bath linen
• Weekly housekeeping
Please refer to the separate ‘Prices, fees and charges’ flyer for the current schedule of general and additional service fee information specific to each Retirement Community.
The purpose of this fund is to maintain capital assets of the community, ensuring they are kept in good working order and presentation.
Contributions to this fund are considered on an annual basis by an Independent Quantity Surveyors Forecast. The monies are held in a separate trust account and remain dedicated to the community.
3. Leaving
Usually, there are no fees or charges when an Aged Care resident moves out.
TriCare has a comprehensive ongoing marketing plan, which is geared towards attracting prospective residents to all our Retirement Communities.
An extensive publicity program supports a regular advertising schedule.
Our marketing team and management are committed to locating a buyer for the unit as soon as possible.
When you vacate your unit, TriCare will determine the reinstatement/ renovation works that are reasonably necessary to be done to reinstate the unit to a marketable condition.
If applicable, TriCare and the outgoing resident will share the cost of the reinstatement/renovation works as set out in the Disclosure Document and Resident Contract.
An exit/departure fee and other associated costs are payable upon the termination of your occupancy at any TriCare Retirement Community. Exit/ departure fees vary between communities and unit/apartment types.
The fee is calculated in accordance with the terms stated in the Disclosure Document and this fee is retained by TriCare.
Please refer to the Community-specific Disclosure Document for current exit/departure fee information.
