Things You Didn't Know About Ireland's Fair Deal Scheme

 

Is it necessary for me to sell my home in order to pay my share of the expense of care?

This is by far the most frequently requested question by candidates for the Irish Nursing Home Support Scheme. However, this is not the only confusion that people have as a result of the establishment of bed, boarding, and beyond - here are some important facts that every application should be aware of.

 

It Is State Funding For Limited Income and Assets - You Got To Have Something

Though the scheme is available for anyone who needs long term nursing home care. So it turns out that while you pay less for having limited income and assets, you’d end up paying a lot more if you have a wealthy estate - an amount that is almost as much as private nursing home care. 

So what is the solution? How much are you exactly entitled to pay? And how is the scheme going to work in your case? Read on to have a better understanding.

 

Paying A Portion Of Your Estate - How Does That Work?

Let’s understand what an estate really is. 

It is the land that you have under your name, including houses, farmland and any business. But the cost of care includes your “assets” which means if you have shares, stocks etc. 

The core principle of the scheme is that no one should pay any more than their cost of care - which is determined by their care needs. 

The total value of a property or asset the applicant is entitled to pay is 22.5%, which is dispersed into 3 annual payments of 7.5%. However, for stocks, farmland and other assets, the 3-year cap has yet not applied. Meanwhile, 80% of the applicant’s income or cash assets are collected. While the cash asset is transferable, one cannot simply transfer their home or other non-cash assets.

 

Paying Out The Value Of Property Assets

While cash assets can be shifted on a weekly or monthly basis, how does one pay off a property? The applicant is forced to sell or refinance their home as a result of this. 

The Nursing Home Loan or Ancillary State Support is what discourages the applicant from selling or mortgaging their home. Meanwhile, the cash asset contribution would be free from taxes, critical medical expenses, caring for a child, or caring for other unemployed family members. Furthermore, the first €36,000 in savings would be deductible.

 

Should You See A Care Representative or a Fair Deal Advisor?

Care Representatives, who are frequently nominated by a family member or the HSE, represent an application and perform specific tasks on their behalf. They help applicants who seek assistance but are unable to complete the entire application process on their own.

An advisor may also serve as a Court-appointed Care Representative, but they have more to offer the applicant. Advisors often work on their own and are responsible for leading searchers through the process holistically, avoiding mistakes, and asking the correct questions at the right time. They can also act as a power of attorney or help you obtain one if necessary.