If you’re enjoying a well-earned retirement, or looking out for the interests of your parents who are, there may come a time when rest home care is required, and you have to deal with funding the cost of that care.
There is government support available in the form of the Residential Care Subsidy, but there are tests that determine whether or not you are eligible for this.
The rules around eligibility for the Residential Care Subsidy are an area where there are a lot of myths and misunderstandings. Hopefully we can help provide some clarity in this article - and of course talk to us at GRA if you would like help with these issues.
With that in mind, if you are looking at an application for the subsidy for you or a loved one, it is worth noting the following points.
Two tests: There are two tests that get applied in order to assess whether or not you are eligible. First there is an asset test. Second there is an income test.
What should be coming through loud and clear here is that the rules in relation to the Residential Care Subsidy are complex. As with most things, it’s best to get advice sooner rather than later if you foresee this as an issue, so you know where you stand.
As always, GRA will be happy to provide advice in relation to the Residential Care Subsidy. You can contact us via our online form, by phoning +64 9 522 7955, or via email at info@gra.co.nz.
We are looking forward to working with GRA and giving our financial affairs the due diligence they deserve. It was such a pleasure meeting with GRA on Tuesday. Thankyou for spending so much time with us. We appreciated and respected the advice that you gave to us and the integrity with which it was delivered. Many thanks and kind regards - AR - July 2017
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