Financial Means Assessment form - Work and Income

In New Zealand, a financial means assessment is a process used to determine an individual's eligibility for a residential care subsidy, which helps cover the costs of long-term residential care services. This assessment evaluates the person's financial situation and determines their ability to contribute towards the cost of their care.

The Needs Assessment Service Coordination agency (NASC) provides individuals with a financial means assessment application form following their needs assessment. If you require assistance in completing the application form, you can contact the Residential Subsidy Unit at Work and Income (WINZ) on 0800 999 727.

The  Financial Means Assessment process typically involves the following steps:

1. Initial Assessment: The first step is to undergo an interRAl assessment conducted by a NASC agency. They assess the person's needs to determine if they qualify for residential care.
   
   
2. Financial Means Assessment: If the person is deemed eligible based on their care needs, they will proceed to the financial means assessment. This assessment is conducted by Work and Income New Zealand (WINZ).

• First you will have your assets checked. Assets include but are not limited to: savings, investments, life insurance policies, loans, investment properties, boats and caravans. See the full list of assets here.
• You will also have you income tested. Income includes but is not limited to: NZ Super, Veteran’s Pension or any other benefit, 50% of private superannuation payments, 50% of life insurance annuities, overseas government pensions, contributions from relatives, earnings from interest/bank accounts, investments, business or employment, income or payments from a trust or estate. See the full list here.

3. Means Assessment Calculation: Using the information provided, the Ministry of Health calculates the applicant's ability to contribute towards the cost of their residential care.
   
   
4. Calculation of Contribution: If you are eligible, WINZ evaluates the financial information provided to calculate the person's ability to contribute towards their care costs. WINZ applies certain thresholds and rules to determine the level of subsidy the person is eligible for.

There is a dollar amount (of assets) that you can retain. You will not be required to use this amount to contribute towards your care. It is known as the Asset Threshold or Asset Limit. View the current thresholds here

The subsidy is the portion of the care costs that the government will cover. This payment will be paid directly to the care home. You pay the balance.

Visit the Health New Zealand | Te Whatu Ora website to find out more information about asset and income testing.