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Top industry terms to learn

Posted on : Jul 12, 2023

Top industry terms to learn
 
Welcome to the (sometimes confusing) world of New Zealand Aged Care and Retirement Village terminology! The industry is peppered with a collection of acronyms and terms that even the most knowledgeable of us may have trouble keeping up with. 
 
There are a wealth of tricky words which guide the legal and everyday language surrounding Retirement Villages, so let's decode some of the key terms you'll encounter as you begin to research the best place for your retirement living:
 
  • COP: Code of Practice. This refers to a legal document that sits under the Retirement Villages  Act 2003 called the ‘Retirement Villages Code of Practice 2008’.
  • Disclosure Statement: This document must be provided to an intending resident and normally accompanies an ORA.
  • DMF: Deferred Management Fee. This is a cost paid after a resident leaves or terminates their unit in a village.
  • EPOA: Enduring Power of Attorney (after)
  • KTS: Key Terms Summary. This document gives a summary of financial terms associated with the ORA on a simple two page document.
  • LTO: Licence to Occupy. While this licence gives you legal access to live in the unit or home you will move into, it doesn't give you ownership of this space.
  • NASCA: Needs Assessment Service Coordinator Association - which is an assessment done to show the level of care an individual may need before moving into a rest home. 
  • ORA: Occupation Rights Agreement. This refers to the contract you sign with a village operator before you move in.
  • POA: Power of Attorney (during)
  • RETIREMENT COMMISSION: This is an organisation focused on helping retirees with the financial and legal obligations of entering into a retirement village.
  • RORV: Registrar of Retirement Village. The Registrar of Retirement Villages main function is to maintain the Retirement Villages Register.
  • RVA: Retirement Villages Association. A national membership body representing most operators of retirement villages.
  • RVR OR RVResidents: Retirement Village Residents Association of New Zealand. A national membership body representing residents living in retirement villages.

agedadvisor.nz gives you the opportunity to read independent reviews of aged care facilities from across the country. Armed with the above glossary of terms, a comfy seat and a cup of your favourite hot drink, take a moment to search a location, find a business, or leave a review.

 

 

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