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Or - You are aged between 50 - 64, are unmarried and have no dependent children
(you automatically qualify for the Residential Care Subsidy). Work and
Income performs a financial means assessment of your income determine
the amount you will need to contribute towards the cost of your care.
From 1 July 2010, people who do not have a partner, or have a partner who is also in long-term residential care, must have assets valued at $200,000 or less to qualify for a Residential Care Subsidy. This will increase to $210,000 from 1 July 2011. From 1 July 2011, couples where one partner is not in care will have a threshold of: $105,000 not including the value of their house and car; OR can choose a threshold (as above) which will include the value of their house and car. The house is only exempt from the financial means assessment when it is the principle residence of the partner who is not in care or a dependent child. Assets counted are things like; - Cash or savings; - Investments or shares; - Loans made to other people (including family trusts); - Boats, caravans; - Investment properties; - Your house and car (under certain circumstances).
Assets which Work and Income NZ does not include are:
However, gifts of up to $5,500 a year made in the five years before you apply for a financial means assessment can be excluded. Please note this amount is different from those allowed by Inland Revenue for tax purposes. Gifts in recognition of care up to $5,500 for each year of care provided can be made by the person applying for the financial means assessment in the 5 years prior to admission. Gifts made in recognition of care together with any other gifts must not exceed $27,000 per annum prior to the five year gifting period. A Residential Care Loan Subsidy is available if you do not wish to sell or rent your house when moving into care.
Disclaimer: This information is intended as an information source only and is given as a guide only, and advise should be sought. We accept no responsibility for any errors or omissions. Please contact the Residential Care Subsidy Unit or NASC for up to date information and specifics. They are available on 0800 999 727. |
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