MPIR to rise on April 1st 2023
We've heard rumours that the Maximum Permissible Interest Rate (MPIR) used to calculate a residents Daily Accommodation Payment will rise to 7.46%pa for residents entering care after 1st April 2023
Whilst this is perhaps not as high as I expected, it still represents an increase of $6.50 per day on a $600,000 room in Aged Care, at least until the resident makes a decision to pay a RAD.
Confusingly, the higher interest rate is actually good for a concessional resident who wants to pay some of there accommodation by lump sum RAC.
Confused? Give the Aged care experts a call on 02 9525 7977 and we'll set you straight