Father in Nursing Home & Mother Living in Family Home: How Can Fair Deal Scheme in Ireland Help?

 

Situations, where a father is in dire need of long-term care whereas the mother continues to occupy the family home, are common. Is your family undergoing a similar state of affairs? Are you seeking valuable advice on the same? Luck is on your side today. Enclosed here is the resolution explaining the options under Fair Deal Nursing Home Scheme.

How Can Fair Deal Scheme in Ireland Assist in Overcoming the Stressful Situation?

Families living in Ireland often fall into such circumstances. Father draws a pension, whereas the mother feels anxious, fearing her house to be sold off from under her. The best way to approach such a circumstance is by following the steps below:

v  Applying for Nursing Home as soon as possible. Experts recommend to do so at the earliest because the scheme takes a week or a month to set up and initiate.

v  Sit for a Needs-Based Assessment, whereby a doctor or a social worker will certify the urgency for long term residential care despite the community and family support.

v  Once the Health Service Executive (HSE) is convinced of the Father’s incapacity to live in his home, the applicant has to undergo a Financial Assessment to check the amount of contribution towards of cost of care. The State bears the extra expense above the agreed sum at the nursing home of the applicant’s choice.

v  If the mother continues to stay at home, the applicant or the father here, has to pay 40% of the joint annual income. A separate bill on assets is also charged, which is 3.75% every year against them.

v  Under assets, the valuation of land, property and savings are taken into consideration. However, one thing is assured – the house will not be sold, and the mother can continue living there.

v  Regarding payment, the applicant’s family can settle the debt part by part every year or defer it until both the parents pass away. This is where the Nursing Home Loan Scheme makes sense.

We bet all of the above sounds simple, but applicants can always speed up the process by paying extra fees to an advisor and making the person run the calculations on their behalf. They can also rely on the experts to complete the application form and take the load off their shoulders.

Postscript:

Fair Deal Advice is one such advisory body, offering one-to-one consultations to those willing to seek the services of an advisor to enjoy the benefits of the Fair Deal Nursing Home Scheme in Ireland. Book an appointment to get more such queries answered and tread on the best way to progress with one of your parent’s health without the other going homeless!

What are the Expenses Towards Fair Deal Nursing Home Scheme in Ireland?

 

Ireland has been in a demographic sweet spot over all these years. However, its population is ageing and this is going to exert more pressure on older people. They would require ample care for their well-being. By 2051, Irish citizens of 65 years and above will shoot up to almost 1.6 million. Families are starting to look for ways to protect themselves financially.

Thankfully, much of the stress is being alleviated by Fair Deal Nursing Home Scheme! Novices are more likely to be curious about their health expenses towards it. This blog post is dedicated to them. If you are new to it and need an estimate of the overall cost of nursing home care, now is a good chance. Read on to find out how much should you keep aside to fulfil your care needs and live an independent life when moving from hospital to long-term care.

Estimating the Cost of Living in Nursing Homes for Long Term Care

For those who have enrolled themselves under the Fair Deal Scheme, the estimation starts during step three of the Fair Deal application process at the time of financial assessment. Under this step, the Health Service Executive (HSE) checks how much can an applicant pay for the nursing home care. In the process, the income and assets of the person are examined which includes all the factors below:

Ø  Income from dividends, fees, interests and commissions

Ø  Pension

Ø  Transferred income

Ø  Rental income

Ø  Earnings

Ø  Income from directorship or holding an office

In cash assets, the following is evaluated:

Ø  Securities, stocks, shares and miscellaneous financial instruments

Ø  Loans from another person

Ø  Deposits and savings

Ø  Retirement funds

Ø  Cash asset transfers to a third person over the last 5 days

Among non-cash assets, the following is reviewed:

Ø  Business(es)

Ø  Home

Ø  Land and property overseas

Ø  Anything that you own, it can be land or property

Now comes the most important part – who pays how much. An applicant is expected to pay the following:

v  80% of one’s income

v  7.5% of one’s overall asset value

However, applicants who are part of couples, enjoy a rebate with HSE expecting only 40% of their income and 3.75% of their asset value for a maximum of 3 years. If both are under nursing home care, the contribution is capped at 22.5%. This 3-year cap is applicable on selected assets only like homes, farms, businesses and proceeds from the sale of a home.

The best thing about enrolling under Nursing Home Support Scheme is that after assessing the financial condition of an applicant, the HSE chips in by paying the rest of the amount towards the cost of care. So, one thing is for sure – the State shall bear the burden partially, thereby bringing down the expenses to a reasonable amount.

Wrapping up:

In the end, all we can say is that the expense that goes towards fulfilling long term nursing home care is not fixed but variable. It depends a lot on one’s income and asset value. Get an estimate of yours from Fair Deal Advice – the advisory service provider, responsible for calculating the contributions of applicants under the Fair Deal Nursing Home Scheme.