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Change in Asset Threshold Necessary

Change in Asset Threshold Necessary

NZACA Press Release 24 May 2012

The New Zealand Aged Care Association supports the Government’s initiative to slow down the yearly asset-threshold increase for eligibility for an aged residential care entitlement.

Currently the asset threshold is $210,000 and increases by $10,000 each July. But with the policy change announced today, the asset threshold will now be indexed to inflation.

“This is a small but significant step in addressing one of the most significant issues facing this and future governments, which is how to fund care for an ageing population,” the Chief Executive of the NZACA, Martin Taylor, says.

“Based on our costing model, over the next four years the amount saved by taxpayers is $47 million, but the real benefit will be in 10 years when the grey tsunami really starts impacting the health budget.”

“The next step for the government is to reinvest this saving into the aged-care subsidy to address a serious under-funding gap identified by the government in the 2010 Aged Residential Care service review,” he said.
ends

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