If you’re considering moving to a retirement village or needing residential care, there are some important legal and financial issues to get your head around – such as how to pay for residential care – and some potential fishhooks to look out for. There are plenty of things adults of all ages should know about too – from why it’s important to have a Will and appointing an EPA, to tips on managing your finances and planning for the future. While we recommend you get specialist advice before making any major life decisions, this section provides a good overview of the key must-know financial and legal matters.
What's the cost?
Financial & legal issues
Are rest homes free for the elderly?
No, rest homes and residential care facilities are not free for older people. Paying for, or contributing towards, rest home care and other residential care services is your responsibility, much like any other living arrangement. Eldernet lists providers who meet certain requirements and have a Maximum Contribution (MC) limit. This...
Financial & legal issues
Can I get subsidised pharmacy prescriptions?
New Zealanders can reduce their medicine costs through the Pharmaceutical/Prescription Subsidy Scheme. Once you have paid for 20 prescription items for from 1 February each year, you become eligible for the subsidy. You do not have to pay any more prescription charges for the rest of that year (to 31...
Financial & legal issues
Care home or more home support? Considerations & scenarios.
These decisions can be complex so, after you've thought through what some acceptable options are for you, we advise that you obtain professional financial and legal advice. If you stay at home, are all the support services you require available? If you intend to pass on some inheritance, some of...
Financial & legal issues
Compare hotel, home support & residential care costs
Is residential care (often called rest home care) expensive? Many seem to think so however once the fees are broken down and compared to other types of services and/or accommodation you may be surprised. We have compiled the following to allow you to consider your options: the cost of home...
Financial & legal issues
How much are rates rebates in New Zealand?
For older people, particularly those on low or set incomes, rates increases can be stressful. A rates rebate gives some relief. The threshold was increased for the 2023/2024 year. The following came into effect on 1 July 2023: Maximum rebate $750. Income threshold $30,100. Income allowance for dependents remains at...
Financial & legal issues
How much does a needs assessment cost?
The needs assessment 'tool' or programme used in New Zealand is known as interRAI. This assessment and related service coordination costs are free to New Zealand citizens and those residents eligible for publicly funded services.
Financial & legal issues
I visit the doctor regularly. Can I get subsidised visits?
The High Use Health Card gives a general practice a higher government subsidy for patients with high health needs. To be eligible for this card, the patient needs to have visited their enrolled health service 12 or more times in one year. These visits must be related to an ongoing...
Financial & legal issues
Residential Care Subsidy
This subsidy is designed to provide financial assistance for those who can not pay for the full cost of residential (rest home) care. A number of criteria apply. It is explained more fully in the section 'What is residential care'.