Friday, August 21, 2020

Fair Deal Nursing Home Scheme: The Financial Support For Needy

 


Do you or someone close to you need to go into a nursing home? Dealing with financial issues in such a time can be very stressful, especially if you are a senior citizen, a pensioner, or a farmer. Perplexed about how to afford long-term care in the nursing home? Well, applying for the Fair Deal NursingHome Scheme can be the ideal way to manage your care.

The Fair Deal or the Nursing Home Support Scheme (NHSS) is a financial grant for Irish citizens who need long-term care. Administered by the HSE, it is an Irish government scheme where the resident needs to make a contribution towards the cost of care, and the State then pays the remaining amount. Under this scheme, the kind of care appropriate to the individual along with the bed & board, laundry service, and certain therapeutic activities, is covered.

The article below breaks down everything you need to know about this scheme.

Is It Compulsory To Apply For Fair Deal Funding?

No. There is undeniably no obligation for individuals to apply for the Nursing home support scheme. Every individual and his/her family can choose to pay for the care on their own. The NHSS provides an option for Irish families to seek residential care by applying for Fair Deal Nursing Home Scheme and share the cost of it with the State.

How Is A Resident’s Co-Payment Calculated?

The HSE calculates the individual’s co-payment from- 

·         7.5% of the total value of assets per annum (assets that were transferred for less than 5 years before applying for the scheme are included), and

·         80% of annual income (rental income, pension, SFP, etc.)

When Does The ‘3 Year Limit’ Apply?

In some circumstances, the 3 Year limit or the cap of 22.5% of chargeable asset value is applied to small business assets or farm. This applies in circumstances like-

·         Where the individual has suffered an unexpected disability or illness, that causes them the need to avail long-term care;

·         Where a successor in family certifies that he or she will continue the management of relevant business and the farm; and

·         Where the resident or their partner was actively engaged in the daily management of the farm until the time of the sudden disability or illness.

Will You End Up Paying More Than The Cost Of Your Care Due To Assets?

No, having assets doesn’t mean that you have to pay more for the cost of your care. The nursing home support scheme cost of care you contribute depends on the length of the time you are availing nursing home care and the total cost of your evaluated contribution. Individuals in receipt of the financial support under the Irish government scheme do not have to pay more than the cost of care in respect of their long-term residential care services.

How Can Skilled Financial Advisors Help?

Applicants cannot apply for the fair deal funding for their nursing home care before receiving approval of their application. But, making the fair deal application can be a daunting process and it is here that professional financial advisors can come to your rescue. From guiding you step by step while applying for the scheme to assisting you in completing the application, experts can help you throughout the process.  Experienced specialists can even help you with one to one consultations.

Postscript:

The fair deal application is made to the local nursing home support scheme office on the standard application form. Seek the advice of qualified financial advisors for a hassle-free application and get approved for the financial support quickly!


Friday, August 7, 2020

Top 10 Questions on Fair Deal Scheme Answered

 


A financial decision often sparks up numerous queries and concerns and the Nursing Home Support Scheme is no exception. Though there are many advisors to approach and seek support from, it’s always wise to research yourself at first, grab an overall idea about the concepts and then hire a specialist like Fair Deal Advice to guide you through the application process and clarify doubts that may arise, since you are entirely new to it. Keeping in mind all that and much more, we have jotted down ten of the most frequently asked questions about the Nursing Home Support Scheme. Go through them if you are interested in applying for financial assistance for yourself or your loved ones.

  1. What exactly is the Fair Deal Scheme?

The Nursing Home Support Scheme, abbreviated as NHSS, is staunch financial assistance extended to mostly the aged section of the population, who need long-term nursing home care. To achieve this financial independence, they have to make a contribution based on their means and State bears the rest through HSE (Health Service Executive).

  1. Who can be the Applicant?

It can be anyone, who is in dire need of long-term nursing home care.

  1. What’s the Application Process?

It’s quite simple, where an applicant has to go through two basic steps, namely Care Needs Assessment and State Support. There’s also a third step in the name of Nursing Home Loan Scheme, which is entirely optional.

  1. Where to Seek an Application of Fair Deal Scheme from?

It’s available at the Local Health Office or in any hospital.

  1. What is meant by Care Needs Assessment?

It’s a responsibility, the onus of which is usually taken up by healthcare professionals, to check the ability of the applicant to carry out activities. Also, it reviews the health, social, personal and medical services being used up by the individual as well as the support received by the person from community and family members.

  1. What’s an Applicant’s Contribution?

It’s 80% of one’s accessible income if the person lacks assets. But those who own them shall have to pay 7.5% of their asset’s value per annum for the first three years. However, the financial assessment shall not count the first 72,000 for a couple and half of the amount for an individual applicant.

  1. Is the Scheme Considerate towards Partners Living at Home?

Surprisingly, yes. It leaves behind 50% of a couple’s income and the State Pension received by them for the partner to support his lifestyle. Here, the greater amount is usually non-contributory.

  1. Does Paying for Long-Term Care Cost One’s Family Home?

The scheme is considerate enough to not to compel you to sell off your property to pay for the care expenses. To support people, who find it difficult to part with the 7.5% contribution, it offers a Nursing Home Loan, by deferring the payment at a later date.

  1. What’s included under Fair Deal?

From bed and board to personal care, nursing and laundry, the scheme covers it all.

  1. How long should an Applicant Wait for an Approval?

The waiting time is usually 4-6 weeks for applicants eagerly awaiting approval.

Postscript:

For further queries, reach out to Fair Deal Advice in Ireland. The specialists can help you in clearing out your doubts through insightful advice and guidance.