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.
I read Matthew’s book Property 101 and then came to Property School. I have to say there is nothing 101 about either of them. Between the book and Property School you learn that there is a lot more to property investing than meets the eye. There is no doubt in my mind that GRA are a cut above the rest when it comes to property education and planning. Impressive for a chartered accounting firm – they really know their stuff! - S.C. - April 2016
Investing in residential property?
If you're investing in residential property, seeking to maximise your ability to succeed and minimise risk, then this is a 'must read'.
Matthew Gilligan provides a fresh look at residential property investment from an experienced investor’s viewpoint. Written in easy to understand language and including many case studies, Matthew explains the ins and outs of successful property investment.