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Residential Care Subsidy : Contents

Assets

When completing a means assessment of assets, you must include the realisable assets of the client and their partner (if they have one).

Value of the assets

The value of the assets is determined by:

Date of value assessment

In all cases the value of the assets is as at the date of application for financial means assessment. If the client or their partner has money set aside for a specific purpose, but it is still held by the client or their partner then it is included in the means assessment of assets.

Assets may include but are not limited to:

  • cash
  • bank account balances (credit balances only)
  • bonus bonds
  • car(s)
  • net equity in property
  • licence to occupy
  • shares
  • pre-paid funerals (any amount over $10,000 per person)
  • life insurance policies
  • KiwiSaver accounts (entitled to withdraw/outside the locked-in period)
  • Māori land
  • personal loans
  • pre-paid estate administration fees
  • life interest or lease for life
  • excess gifting
  • deprived assets
  • assets covered by a relationship property agreement

Rest home fees paid in advance

Most rest homes charge clients a month in advance.

If the client has paid hospital, or rest home fees more than a month in advance, the amount the client has paid in advance is considered realisable and is included in the means assessment of assets.

For more information see:

Legislation

  • assets (definition) clause 4 schedule 2, Residential Care and Disability Support Services Act 2018
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Realisable assets are those assets which can be converted to cash.