Why You Need To Consider Having A Fair Deal Advisor On Your Side For 2022

 

Independent Ireland recently published an article about how the newest amendments to the 'Fair Deal' Nursing Home Support Scheme could benefit family-owned businesses and farms greatly.

 

The scheme had many setbacks earlier, but thanks to the efforts of President Michael D. Higgins to bring forth the Nursing Homes Support Scheme (Amendment) Bill 2021, the bill is now passed. So now, if you are looking to make an application, then you need to educate yourself about what the new policies entail and how it impacts you and your loved ones.

 

This is high time that you consult with a Fair Deal Advisor to take a conscious step that doesn’t count you out of any of the benefits.

How The Nursing Home Support Scheme Cost of Care Would Work for Business and Farming Families

 

First and foremost, the 3-year Cap now applies to farmlands and businesses, which was only available for family homes previously.

 

The capital worth of a person's primary private residence is only factored into the scheme's financial assessment for the first three years of their stay.

 

All this while the 3-year cap applied to farms or businesses only if the farmer or business owner suffers a sudden illness or disability and as a result requires nursing home care. But now with the new Bill passed, new safeguards have been added to the Scheme owing to the viability and sustainability of family farms and businesses and the scope of family succession.

 

Qualifications and Complications Associated With Nursing Home Support Scheme Cost of Care

 

The new bill doesn’t change the basic layout of cost of care contributions from applicants. That is 80% assessable income annually, plus a maximum of 7.5% of the value of their assets paid annually - which is now capped at three years. The first €36,000 of savings is not included in the financial assessment.

 

For couples, the contribution is reduced to half and the savings exemption is doubled which means if you are a member of a couple, and share your assets and income with your spouse, you have to pay only 40% monthly/weekly for the cash assets and 3,5% annually for the house and other productive assets. At this stage you can seek the Nursing Home Loan scheme, to turn your cost of care into a full-fledged secured loan that you would pay with your house, after your lifetime.

 

It is safe to say that if a person's assessed weekly contribution exceeds the nursing home scheme cost of care, they will not be eligible for the funding.

How A Fair Deal Advisor Can Help You

 

If you are planning to sell your home or farm, then it impacts your funding even after the 3-year Cap. The sale money is most likely to be counted as a cash asset and call for a reassessment of your financial condition. Probably you’d have to pay a percentage of the sale money to the HSE.

 Because some properties may not be able to be sold owing to the owners' lack of ability, it is necessary to sell the residence. The person’s continued participation and eligibility for the fair deal programme may be jeopardised. It will not benefit all inhabitants, especially those in Dublin who own more expensive homes.

 If you are thinking of applying for the  Nursing Home Loan Scheme, you would need a person to submit a written agreement to have a charging order recorded against your asset when applying for this loan.

 All these concerns can create a hassle for you to make a holistic choice. That is why it is strongly advised to seek advice before deciding anything.

 

 

Nursing Home Scheme Cost of Care for Candidates Without Any Assets

 

Many people think that one cannot apply for the Nursing Home Support Scheme in Dublin until and unless they have a home, farmland or any other asset to pay for the cost of care. That is not true. Even if the candidate doesn’t have any assets they can get the Fair Deal funding, but there are certain rules. Here is all you need to know.

 

The Nursing Support Scheme Cost of Care for People Without Assets

 

If you don’t have a family home, land or another asset it won’t affect your candidacy to get the Fair Deal Scheme funding, but there are a few factors that can complicate matters.

However, looking at a true Fair Deal Solution in Dublin and other big cities, usually, people do own a house, which can complicate matters.

 

Now, if the house is a family home, where the candidate’s spouse and children live, it is often not part of the financial assessment. Only when the house is in the name of the candidate, who is shifting to the Nursing Home, that the 7.5% of the house’s total value is incurred.

How Nursing Home Scheme Works

 

The Nursing Home Support Scheme cost of care is the combined sum of your cash assets and non-cash assets. While cash assets are easy to calculate out of the liquidated money that you have, either as savings or a State pension allowance, it is often cumbersome to deduce exactly how the nursing home charges are going to be paid if your loved one lives on rent or is already living in a Nursing Home.

 

Here is the simple answer: you don’t have to pay anything if you don’t have an asset.

Only 80% of your cash asset will be paid and the rest of the amount will be paid by the HSE, on behalf of the State Government. So if you were living in your children’s home, a Nursing Home or a rented space, you don’t have to worry about the asset payments.

How You Manage Your Assets Makes An Impact

 

If you don’t own a home or any asset property, that is okay, but if you give away your existing property to the family as an inheritance, it might impact your funding.

 

You need to wait for at least 5years. Because if you don’t wait that period, the HSE might simply think that you purposefully transferred the family home to family members to evade the cost of care.

 

Seek the Guidance of a Consultant for a Complete Fair Deal Solution in Dublin

Several hundreds of Fair Deal cases just get delayed in the waiting list for long periods, and it is about time that you meet an expert consultant who gives you more clarity of the situation, especially when things like family home and assets are involved.

Seek a complete solution when you plan to apply for the Nursing home support scheme in Dublin and other big cities in Ireland. A consultant, like the Fair Deal Advice, is the next best thing, that is headed by Fair Deal expert, Tom Murray. With the right kind of guidance, you are bent on making a conscious decision that works in your favour.