Financial & legal issues

A free online tool called ‘ Powerswitch ’ (provided by ConsumerNZ) allows people to compare electricity and gas prices offered by providers throughout New Zealand. This service was previously known as ‘What’s My Number.’ Finding out how much you can save takes less than two minutes and involves answering some...

If you are over 65, you may be able to get help with paying health-related costs. Most GPs belong to a Primary Health Organisation (PHO). These are bulk funded to look after the health of the people who are enrolled with their service. Most New Zealanders are enrolled. You generally...

Everyone’s circumstances are different and there is no one size fits all rule when it comes to financing a retirement. Some may want to spend every dollar they have while others will want to keep some left in the kitty for an inheritance or bequest. Of course, people will have...

The financial world is evolving and as we age, we will come across situations we may not be ready for, such as how we access our money, where it’s held and how we can use it such as, the changes to banks and banking processes, cryptocurrency etc.. Some will remain...

There is no right or wrong way to spend your money as you get older – after all, you’re the one who earned it. For some, older age is an opportunity to cash in their chips and do everything they’ve ever wanted, using all the money they’ve saved in the...

Aside from NZ Super (which any eligible person over 65 can receive), other financial support may be available to those who qualify. The following is a selection only. Contact Work and Income for information about support relevant to your specific need. Check the Work and Income website to see what...

The concept of home equity release involves converting a portion of your home’s value into cash, while still allowing you to live there. When you sell the home or die, the full loan plus interest has to be repaid. Currently, the to main providers are Heartland and SBS banks. As...

NZ Super is the common name for New Zealand Superannuation. It is a taxable pension paid to those who meet the criteria. It is paid fortnightly on a Tuesday. To be eligible, you must be aged 65 or over and meet length of residency and other require­ments. Other overseas living...

The following link gives you an overview of government assistance that might be available. Budget advisory services will also be able to advise you. Extra help.

From 7 November 2021, those over 18 who experience unbearable suffering from a terminal illness can legally ask for medical assistance to end their lives (under the End of Life Choice 2019 Act ). The legislation sets tight controls about who can access the option but the crucial term here...

The End of Life Choice Act 2019 came into law in New Zealand on 7 November 2021. From that date, those over 18 who experience unbearable suffering from a terminal illness can legally ask for medical assistance to end their lives. The legislation sets tight controls on who can avail...

It is recommended that you review your Will every year to ensure it’s still up to date. If your circumstances have changed, you should definitely make changes to your Will. This could include a change to your relationship status (leaving a relationship or beginning a new one), an addition to...

This is a common sentiment, and, in many situations, families do indeed do the right thing for those who trust them. Life however is often complicated by the fact that people don’t always see things the same way and rather than letting family members sort things out amongst themselves, each...

IMPORTANT – Always obtain skilled professional advice regarding this topic. Often this question is asked with the thought that residential care fees might be avoided by setting up a family trust, and a subsidy obtained, if care is needed in the future. Family trusts set up with this purpose have...

Enduring Powers of Attorney (known as an EPA or EPOA) are legal documents that allow you to appoint someone you trust to make decisions for you if you are no longer able to do so yourself. Some people set an EPA up when they buy their first home or start...

If you die without having made a Will, your property is distributed according to the terms laid down in law, which may not be as you would wish. This is usually more costly to your estate and a slower process. The people you care about most may not be looked...

A Will is an important document as it allows you to stipulate what happens to your estate after your death. It is advisable to consult a specialist when looking to make a Will. Ask about the cost; some organisations or lawyers may do this for free if they are also...

Thinking about and planning for the end of life is something many of us would rather never do. Yet, doing so can help put your mind at rest – and allow you to get on with the important job of living. A good way to go about this is to...

When we or someone close to us is dying, we want to know this can be done peacefully, comfortably and with dignity. It can be distressing watching a loved one in their final stages of life; the brighter news, however is, that there is help available. The following gives an...

Advance Care Plan An Advance Care Plan, or ACP, spells out to family/whānau, those closest to you, those who hold your Enduring Powers of Attorney and your GP your intentions and wishes with regard to your future healthcare needs. Find a copy of this from the Health Quality and Safety...

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...

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...

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...

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...

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...

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.

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...

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'.