What Happens After 3 Years Under the Fair Deal Scheme?

 

Nursing Home Support Scheme, alternatively Fair Deal, the scheme that assures financial support to the aged section of the Irish population, has saved many applicants through subsidised long-term nursing home care. However, not everyone can make sense of the information and criteria associated with it. Some applicants feel they are too cumbersome and confusing, often causing stress to anyone who tries to decipher them. Too many questions pop up in their mind, and thankfully, advisory services such as Fair Deal Advice takes care of them. One such query you may come across is – what happens if a beneficiary successfully completes 3-years under the Scheme?

Do you continue to enjoy the scheme benefits after the period? Do you have to pay more towards the cost of contribution? These are some of the doubts you may have in mind. Find convincing answers to them in this post today.

The Scenario After Completing 3 Years Under Nursing Home Support Scheme

While conducting the financial assessment, the 7.5% contribution calculated over certain asset values such as farm, home, and proceeds from the sale of a home is locked in for up to 3 years. Post this, no further payment is expected of scheme beneficiaries. Long-term nursing home care also continues to flow in. This is primarily due to the recently introduced 3-year cap, whereby the worth of the stated assets is considered only for 3-years while calculating the 7.5% contribution based on these assets.

This contribution percentage drops to 3.75% per year in the case of couples, payable for a maximum of 3 years. Therefore, the aggregate figure stands at 11.25% of the property’s value. Once it is cleared, they are entitled to pay nothing but still enjoy appropriate care in their choice of the nursing home.

As for home, the financial assessment shall no longer consider this asset after completing 3-years. And the best part? You do not need to do anything from your end to achieve it. Finishing the tenure is enough to qualify for it. This 3-year cap also applies to net proceeds from the sale of the house while the beneficiary is under nursing home care.

Now, what if the beneficiary of the scheme is a family-owned farm or business owner? They too can enjoy the benefits rendered by a 3-year cap on meeting certain conditions:

• The beneficiary actively operates the farm for a minimum of 3 years of the past 5-years
• The beneficiary had applied to the HSE to appoint a family successor who has committed to run the farm or business for a minimum of 6-years

Postscript:

Do you still have doubts in mind? Do not hesitate to have a word with advisors who specially deal with Fair Deal and Nursing Home Loan Scheme cases. Fair Deal Advice in Ireland is one such organisation where the consultants answer the applicant queries and drive away their confusion. They will merrily do so in your case, leaving you encouraged and confident while applying for the scheme.