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!