Fair Deal Scheme in Ireland: Good News for Farming & Business Families!

 

The Nursing Home Support Scheme (Amendment) Bill, which was long pending, came into effect from October 2021. Along with some major changes, it has brought good news for farm businesses and their families. Dying to know all about them? This post on Fair Deal Scheme in Ireland has everything listed for your convenience. Let’s check them out one-by-one!

Amendments to the Fair Deal Scheme

People owning business and farm assets are now exempt from the yearly 7.5% charge after completing the 3 years. The amendment aims to make their businesses viable for the long term and to benefit the next generation. Find more about the same in detail from the upcoming points.

Ø  Contributing to the Nursing Home Support Scheme cost of care and availing of benefits have no constraints on the viability of the farm businesses and other trades. Just make sure you qualify for the scheme.

Ø  On contributing a certain percentage of your income and assets to avail of nursing home care, you shall be eligible for the benefits as long as you need them. Of course, the State shall also pay its part to support you financially.

Ø  Every applicant must contribute 80% of their income and 7.5% of their asset value (inclusive of savings and property investments) towards the cost of care weekly.

Ø  Previously, the Fair Deal Scheme had no capping on how long will farmers and businesses have to contribute 7.5% of their asset value. Thankfully, there is one now, much like family homes.

Ø  This denotes the exemption of the farming and business assets from the three-year cap that once applied only to family homes.

Ø  However, the contribution from income (both cash and investment) shall continue indefinitely until the applicant no longer requires nursing home care. However, it’s a relief that at least there is a cap on business and farming asset value!

Ø  You can now sell off your Principle Private Residence (PPR) on completing 3-years of your involvement with the Fair Deal Scheme in Ireland. The HSE will not charge anything on the proceeds.

Ø  The benefits shall proffer only to “qualifying families”, who has been indulging in day-to-day farm operations in the last three years out of five. Another condition to abide by is the nomination of a farm successor, who would look after the farm business in future for at least six years from the moment the person is entrusted with the responsibility.

Postscript:

Looking for advice on Nursing Home Support Scheme? Stop over at Fair Deal Advice in Ireland! The advisory service provider can relieve your stress with insights and make your experience worthwhile.