Whether you are moving into an exciting Retirement Community or a homely Aged Care Residence, you have many things to consider. We understand it is important for you to be fully aware of the different costs to help make the best decision. We also believe transparency and clarity are essential to make the process as easy as possible for you.
To simplify and clarify the costs, we have broken down them down into three categories: Moving In, Living In and Leaving. Click on the appropriate category below to read a detailed explanation.
If you have any questions, please call 07 3360 9000 to speak to one of our friendly consultants.
1. Moving in
We can help you arrange an assessment for your loved one through the Aged Care Assessment Team (ACAT). Simply call 1300 TRICARE (874 2273) to speak with one of our Aged Care Specialists.
An ACAT team member will visit you to understand the lifestyle and needs of your loved one requiring full-time aged care.
In standard residential care, the Australian Government and Centrelink set a basic daily fee based on an individual assessment of a loved one’s income and assets. Centrelink conducts this financial assessment prior to entry into a residential Aged Care facility, or shortly after.
Next, you will need an Aged Care means test assessment to determine whether your loved one is entitled to receive a subsidy from the Government to lower the cost of Aged Care.
Call 1300TRICARE (874 2273) to speak with one of our friendly Aged Care Specialists who can help you with the process of getting assessed.
Once your loved one has been assessed as requiring care, you can start the process of finding the right Aged Care Residence.
Every facility has a unique atmosphere and some can cater to specialised and complex conditions, so it is important to understand your needs and the differences in residences. Visit our Aged Care Residences page to get an idea of what our facilities look like.
Generally, the purchase price of our units is lower than the area’s median price. As our communities operate under a lease or licence, you will not have to pay stamp duty.
Financial information, fee structures and inclusions vary between Retirement Communities.
For more detailed information, please refer to:
the specific Retirement Community’s ‘Prices, fees and charges’ flyer
the applicable Disclosure Documents
Moving into a Retirement Community is a major investment into your retirement lifestyle, which should never be taken lightly. We go to great lengths to support you in this decision-making process to ensure you make the decision that is best for you and your needs.
When you decide on a particular unit, you will purchase a lease or licence and preference shares* in the TriCare company which owns the community.
The Disclosure Documents contain details of the buy-in process, enabling you to seek legal advice with regard to the Terms and Conditions.
Form of Disclosure
Each Retirement Community has a Form of Disclosure (as applicable to the state the community is located in) which provides details of the community’s operation and relevant terms, including tenure, service fees or charges.
Disclosure and Cooling-Off Periods
Disclosure and cooling-off periods are determined by legislation.
TriCare recommends that you discuss the documentation thoroughly with your solicitor, accountant and family.
The below listed Acts and all subsequent amendments set out guidelines to which Retirement Communities 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
When first entering the world of Aged Care, it can be confusing to understand the different fees. Within Australia’s Aged Care system, there are four possible fees you may be required to pay:
Basic Daily Fee
Means Tested Fee
Additional and/ or Extra Services Fee
The Basic Daily Fee covers day-to-day living costs like meals, cleaning, laundry, heating and cooling. Everyone entering an Aged Care home is required to pay the Basic Daily Fee. The fee is set by the Department of Human Services at 85% of the single Age Pension.
The Means Tested Fee only applies to seniors who can afford it and is based on your individual Income and Assets Assessment. The Department of Human Services (DHS) works out if a Means Tested Fee applies.
The Accommodation Fee covers the cost of your room, bathroom facilities and access to all communal areas. You have three options to pay the Accommodation Fee:
RAD (Refundable Accommodation Deposit)
You pay the fee as a lump sum and you have up to six months to pay. A Daily Accommodation Payment applies until you’ve paid.
DAP (Daily Accommodation Payment)
You pay a fee 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 payment gives you the choice to combine the lump sum and daily payment options.
These fees are set by the Commonwealth Government and the Aged Care providers and only apply to seniors who choose to access these services.
Additional Services & Extra Services
Additional and extra services are agreed upon between the resident or their representative and the TriCare Aged Care Residence.
Those services can include hotel-type features and a higher room standard than basic Aged Care accommodation. They can also include entertainment equipment and special food services such as alcohol and more menu options, newspapers, magazines, pay TV, beauty and wellbeing services.
Costs vary based on the residence and preferences.
Similar to a body corp fee, residents pay monthly fees to cover the Retirement Community’s annual operational costs to provide facilities and services. TriCare does not profit from these fees.
Fees per State
These fees have different names depending on the state you live in:
General Service Charge And Maintenance Reserve Fund Contribution (QLD)
Recurrent Charge (NSW)
Maintenance Charge (VIC)
Monthly Fee Inclusions
These fees 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 residence 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*
*Internal repairs and maintenance are included in the fees/charges in some communities.
TriCare determines the yearly General Service and Maintenance Charge budget in consultation with residents, as necessary.
Annual increases in the fees and charges (excluding the contributions to the Maintenance Reserve Fund applicable in QLD) are limited to CPI and external cost increases (e.g. council rates) unless approved by the residents.
Serviced Apartment residents pay an additional fee for the Serviced Apartment facilities and fixed costs of providing services.
Additional fees include:
Breakfast, lunch and dinner
Weekly supply and launder of bed and bath linen
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.
This fund aims to maintain the community’s capital assets, ensuring they are kept in good working order and presentation.
Contributions to this fund are considered annually by an Independent Quantity Surveys Forecast. The monies are held in a separate trust account and remain dedicated to the community.
Usually, there are no fees or charges when an Aged Care resident moves out.
TriCare takes care of the reselling of your home and you don’t pay extra for it. We have a comprehensive ongoing marketing strategy geared towards attracting prospective residents to all our Retirement Communities.
Our marketing and management teams are committed to locating a buyer for your unit as soon as possible.
When you vacate your unit, TriCare will determine the reinstatement/renovation works that are reasonably necessary to be completed 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.
In a nutshell, the Exit Fee, or sometimes referred to as the Deferred Management or Departure Fee, is a one-off cost payable when you leave your retirement community home – enabling you to have a lower upfront payment.
Many Retirement Villages across Australia use this model. It allows you to enjoy the use of facilities within the Retirement Community without the additional upfront cost to give you access to move funds during your retirement.
What exactly does the Exit Fee cover?
The Exit Fee’s primary purpose is to reinvest funds directly back into your Retirement Community to cover assets replacement, community facilities and units renovations now and in the future.
It also covers costs associated with marketing and selling of the units, management and corporate expenses relating to the community, General Service Fees and Maintenance Reserve Fund Contributions for units not sold within 90 days, and company profit.
Please refer to the community-specific Disclosure Document for current Exit/Departure Fee information.