Fair Deal Scheme: How is it Helping People on their Life’s Financial Journey?

 

Growing old is no longer a thing to fret about. The credit, of course, goes to HSE, working on behalf of the Department of Health in Ireland to assure Fair Deal Nursing Home Scheme applicants of long-term care in exchange for a nominal sum. Under its presence, many can now heave a sigh of relief in knowing that there’s the State to back you up, irrespective of your financial condition. How? By paying the balance to your choice of HSE approved Nursing Home. And you can return the favour over your lifetime through the Nursing Home Support Scheme cost of care contributions, charged over income and assets.

All you have to do is fill up an application form for the Fair Deal Scheme by following the steps below:

1. Go ahead for a Care Needs Assessment to verify that you need long-term nursing home care.
2. Let HSE assess your financial condition and determine the cost of care contribution to the State.
3. In case you wish to seek additional assistance, you must apply for the Nursing Home Loan or the Ancillary State Support. Under it, the State advances full financial support for the time being and charges it from one’s property assets at a later date.

This is how the loan builds up with the State paying all your Nursing Home contributions. You have to repay it:

ü  From your estate when you pass away

ü  From the money you gain from selling or transferring your property

ü  When the bank announces you bankrupt

ü  When you provide false or misleading information while applying for the Nursing Home Loan

Bear in mind that the HSE shall charge interest rates on the borrowed sum, payable during loan recovery. It’s calculated mostly from the CPI (Consumer Price Index).

The Fair Deal Scheme has smoothened life’s financial journey to a great extent. However, there are still some obstacles on the way, be it knowledge gap, lack of awareness etc. Advisory service providers like Fair Deal Advice helps applicants get rid of those hurdles in the following ways:

v Sends across a checklist, enlisting the documents required for a preliminary assessment.

v Reviews the financial position of applicants to help them understand the cost they are bearing today and the financial impact the scheme would have on them afterwards.

v Outlines every step so that it’s easy for applicants to prepare for the application process.

v Helps applicants fill up the application form and submit supporting documents to finalise the process.

Postscript:

Take the helm of life’s financial journey with only that advisory body, who understands the sensitivity of the situation and empathises with you on the difficulty of your circumstance. Fair Deal Advice is one such provider, who not only feels for the client but also offers a professional level of advisory service to ensure the success of the application.