Financial advisory firm James Underwood & Associates says many facilities already qualify for the supplement – which is paid by the Fed Govt on behalf of eligible residents in aged care facilities that have been built or significantly refurbished after 20 April, 2012.
The supplement increases by $19.19 per day to $55.09 per day for services with more than 40% low means residents. The firm points out that this is a $7,000 per annum increase – that’s $350,000 a year for just 50 residents.
For many providers, this increase makes the supplement more attractive than RADs, with the total of $55.09/day or $20,100 per annum, the same as a RAD of over $700,000 invested in a term deposit earning 2.8% per annum – and it is indexed too.
James Underwood says they are currently preparing more Significant Refurbishment applications to assist services to receive the payment. Your service may qualify.