Send an
Online Enquiry
Our
Placement Coordinators will:
*Assist you to select the most suitable home
*Arrange
tours of homes in your preferred times
*Negotiate the bond and extra service
fees.
Matching feedback from past family clients, current vacancies,
and your unique family requirements, we are able to find you the best solution,
in the shortest time frame.
Making sure that the transition from home to residential
care is a positive experience.
reviewed
19th March 2010
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Accommodation Bond Negotiation
Aged Care Connect has experience and strategies in
place which benefit any family being requested to pay a bond or extra service
fees. We have become experts at accommodation bond negotiation.
Are you being asked to pay a belated Accommodation
Bond with No Residential Care Agreement Signed?
Are you being asked to pay accommodation bond payments
a considerable time after your loved one has entered residential care? If
no residential care agreement has been signed within 21 days of admission,
it is important that you contact us
immediately. You may be eligible not to pay any accommodation bond. Read
the submission
by the Law Institute of Victoria about these situations.
What is the aged care accommodation
bond?
An accommodation bond is usually paid when a resident
permanently enters a low care or extra services high care aged care home.
The accommodation bond is an interest free loan from the resident to the
aged care provider. The interest earned from the accommodation bond monies
is used by the aged care provider to maintain their current building or
to build new aged care homes for future residents.
Is the level of the bond set by the Commonwealth
Government?Absolutely Not. Many families are
surprised to find out that the accommodation bond is negotiated between the family
and the aged care operator. There is definitely no fixed level of accommodation
bond. The only guide that the Commonwealth Government provides is that a resident
must be left with at least $36,000 in assets.
How much accommodation bond
will I pay?There is no fixed amount for a bond. The amount of the bond
is to be agreed between you and the aged care provider. Bond sizes can vary
widely between residents in an aged care home as well as between homes, even in
the same locality. However, you cannot be charged a bond which would leave you
with less than $36,000 in assets.
Does the level of accommodation
bond have an impact on the quality of care being delivered?Absolutely
Not. There is no relationship between the level of accommodation bond that
a resident pays to the level of care received once they have been admitted to
the aged care home.Should you be asked to pay a "minimum bond"
by the aged care operator?
Absolutely not. Before the global financial
crisis, some aged care operators were dramatically increasing their "minimum
bond" levels acceptable to enter their aged care. Because residents's
asset values were increasing at the time (especially real estate values),
aged care operators enjoyed increasing their "minimum bond" levels
skywards. It was common practice for some aged care operators to be requesting
$300,000 to $750,000 accommodation bonds.
As a result of our continuing work in this area, we are compiling the Aged
Care Connect "accommodation bond barometer", which provides
families with invaluable information about the level of accommodation bond
that they would fairly be expected to pay.
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