Increased Maximum Interest Rates for Aged Care

By January 22, 2016 Aged Care, News No Comments

The Maximum Permissible Interest Rate (MPIR) applicable to accommodation prices and to refund periods for refundable deposit balances and accommodation bond balances increased to 6.22% from1 January (to 31 March 2016 when it will be reviewed again).

Aged care facilities have updated their published rates to reflect this increase on their websites and in all written materials; room prices and payment options are also published on the governments My Aged Care website.

At our Clarification Meetings, the adviser can discuss current payment options and examples that apply to different personal financial circumstances.

Every year thousands of people pay more than they need to enter residential aged care because they’ve not accessed professional help with their financial planning.

Have a discussion with one of our specialist advisers by calling 1800 243 322

In summary

  • The current MPIR is 6.22% from 1/1/16.
  • The MPIR is revised quarterly.
  • Each quarter the Daily Accommodation Payment (DAP) and Refundable Accommodation Deposit is reviewed and revised if the MPIR changes.

 

  • MPIR calculation defined in section 8(3) of Fees and Payments Principles 2014 for purposes of converting a RAD to a DAP on a particular day.

 

Have a discussion with one of our specialist advisers by calling 1800 243 322

Aged Care Financial Services is one of the few truly specialist aged care financial planning services in Australia.  You can engage our advisers to assist you with basic paperwork, facility negotiations,  or to design a comprehensive financial plan to structure your finances for a comfortable move into residential aged care; ensuring affordability now and into the future.

If you’re unable to come into our office for a face-to-face meeting we can organise a skype or teleconference meeting; this is a particularly useful option for those with interstate or overseas family. All advisers are professionally qualified and licensed financial planners; and are members of approved financial planning associations.   Our structuring and advice strategies are subject to regular compliance reviews and reports.

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Aged Care Financial Services began with someone in your exact position: searching for the best aged care facility for a loved one. We aim to ease the anxiety and confusion, the second you get in touch with our supportive advisers.