A refundable accommodation deposit is a lump sum payment by a resident for entry into an aged care home and is like an interest free loan to Coorparoo Aged Care. RAD amounts are published on www.myagedcare.gov.au or www.coorparooagedcare.com.au.
RAD amounts vary and are dependent of factors such as room type, features and availability. The amount you are asked to pay in the form of a RAD may also be restricted by the level of your assets.
A resident has up to six months from the date of entry to pay the RAD. Interest will be calculated on upaid RAD’s at the current governement legislated interest rate from the admission date.
The RAD is fully refunded when a resident leaves the home (less any amounts you have agreed to be deduced)
A RAD will be refunded within 14 days from the date of discharge or on the date of discharge if sufficient notice has been provided. If a resident is deceased, the RAD will be refunded within 14 days of receipt of a certified copy of probate.