Apply for a Residential Care Loan
A Residential Care Loan is an interest-free loan paid directly to your rest home or hospital to help cover the cost of your care. You might be able to get the loan if most of your money is tied up in your house, or you have limited assets.
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1
Arrange a care needs assessment
You need to contact a needs assessor in your area. You can:
- ask your doctor, hospital, social worker or other health provider to arrange an assessment — or they can tell you who to contact, or
- phone your local District Health Board and ask to be put through to a Needs Assessment Service Coordinator, or
- contact your local Needs Assessment Service Coordinator.
Find your local District Health Board
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2
Complete and submit the form
If you need long-term care, your needs assessor will give you the application form for the loan.
The loan form is part of the Residential Care Subsidy form. You have to complete both parts, and put your lawyer’s name on the form.
Complete the form and send it to Work and Income.
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3
Have your financial means assessed
Work and Income will arrange a financial means assessment of your assets. This will work out if the worth of your assets means you can’t get a Residential Care Subsidy. If you can’t get the subsidy, Work and Income will consider your loan application.
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4
Sign the loan agreement
If you're able to get the loan, Work and Income will send your lawyer a loan agreement. You will need to pay the costs for setting up this loan.
You or your power of attorney must sign it and send it back. You'll also need to include evidence that the rates are paid and your house is insured.
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5
Payments start
The Ministry of Health will pay your rest home or hospital directly.
It can take 6 to 8 weeks for a loan to be approved. You have to cover the cost of your care until the payments start.
The loan has to be repaid within 1 year of your death, or when the property is sold or otherwise disposed of — whichever is earlier.
More about the Residential Care Loan
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