Friday, March 24, 2023

What are the Probable Solutions for Funding Long-Term Care?

 

The worries about how to afford long-term nursing home care have crept into the minds of many older adults. Isn’t it obvious, given such expenses for medical care use up a significant part of one’s monthly income? This applies to families too, who believe they have saved enough throughout their lives.

Fortunately, there are plenty of ways elderly citizens can pay for long-term care in Ireland. While some finance the nursing home fees with their own money, others rely on private health insurance, and the rest depend on Government grants and benefits. Let’s investigate each option to understand what would work well in your case.

Funding Long-Term Care – Probable Choices

Turning to nursing home care is a big one. One has to brainstorm the consequences of availing a certain choice against others. Let us simplify the job by stating the probable funding solutions when seeking long-term care.

  • Fair Deal SchemeIt’s the most preferable option for being backed up by the Irish Government, promising applicants financial support when availing of long-term nursing home care. Unlike others, Fair Deal solutions are means-tested, which implies the Health Service Executive (HSE) will assess your ability to contribute to the cost of care. Only if you fulfil the eligibility criteria can you enjoy the perks of the scheme.

  • Personal SavingsNo matter how wealthy you are, it’s not sensible to pay for the cost of care from your savings. Not only is it expensive, but exhausts your lifetime savings. Proceed with this option instead of the Nursing Home Loan Scheme only if you are confident that your savings shall last long and unexpected medical expenses may surface at any moment due to changing health status.

  • Private Health InsuranceOf course, you may cover the cost of long-term nursing home care with your private health insurance plan from Irish Life Health, VHI Healthcare, Laya Healthcare or HSF Health Plan. However, the coverage and benefits may vary vastly. A word of advice – always review your policy well in advance. If you believe that will necessitate having a word with your insurance provider, go ahead to discern what’s covered and what’s not.

  • Government GrantsFrom Medical Cards, Carer’s Allowance to Disability Allowance, Ireland Government provides a range of grants and benefits for people to fund long-term care. These are perfect solutions, with the only flaw being that the benefits rendered to individuals and families require ticking off all the right boxes under the eligibility criteria. These may vary and have long waiting times when seeking approval.

  • Asset saleIf you are asset-rich, you can always sell off your property and valuable items besides investments to support your long-term nursing home care. However, not everyone may choose to proceed as they may have strong emotional attachments. Others feel reluctant when the property has been owned by their family for many generations.

Wrapping up:

In the end, it all boils down to your personal preference and circumstance. Carefully consider all five options, and if you are still in a dilemma, seek the advice of a professional. Fair Deal Advice, an advisory services provider in Ireland, can help you make an informed decision if you have an interest in Nursing Home Loan Scheme or the Fair Deal Scheme.

Friday, March 10, 2023

What Role Does the Health Service Executive Play in Fair Deal Scheme, Ireland?

 


Fair Deal Scheme, as Irish people recognise, is a government-funded initiative aimed at supporting the elderly population financially to fund their cost of long-term nursing home care. It can be either in a nursing home. This nursing home can be voluntary, public or private, whichever is convenient, as long as it is approved.

What seems like a boon from the outset is actually a complex process managed by the Health Service Executive (HSE) in Ireland. A lot of effort goes into the provision of accommodation, food, laundry service, basic aids and appliances to beneficiaries of the Fair Deal Nursing Home Scheme. None of this would have been successful without consistent efforts and intervention of HSE. Therefore, today we are all about this publicly funded healthcare system. Read on to explore the crucial role it plays in driving the success of the Nursing Home Loan Scheme in Ireland.

How is the HSE Involved in Rendering Fair Deal Scheme?

Here is how HSE takes care of all the aspects of this scheme:

  • Assesses eligibility

Every individual is not eligible for Fair Deal Scheme. Only those who qualify for the care needs and financial assessment may apply for the funding. Who do you think takes the pain of vetting applications to determine if you are entitled to the benefits rendered under the scheme? The answer is obvious. Who else but HSE?

  • Manages waiting list

Fair Deal Scheme is popular across Ireland. Many apply for it, but not everyone gets a place within nursing homes immediately. This is where you will find HSE to be the most active. It handles the waiting list and allocates beds to patients the moment they are vacant.

  • Pays nursing home fees on behalf of elderly patientsFair Deal Nursing Home Scheme

After examining an applicant's financial situation and determining how much can the individual pay towards the cost of nursing home care, HSE pays the balance. And not just that. It also negotiates the fees on behalf of applicants to ensure their reasonability and affordability.

  • Monitors quality standards

Simply because beneficiaries of the scheme enjoy discounted nursing home rates seldom implies the quality of care will be compromised. Thanks to HSE and its regular inspections, the care level matches the standard expected of nursing homes!

  • Manages complaints and looks into appeals

The experience of all Fair Deal applicants is not alike. Some are deeply satisfied, whereas others are dissatisfied. HSE is all ears to such complaints and appeals. It further goes the extra mile to address them.

  • Communicates and informs

Fair Deal Nursing Home Scheme is new to many Irish citizens. HSE patiently satisfies the curiosity of individuals by providing them with adequate information about the scheme. It plays a part in spreading awareness about it.

Wrapping up:

The contribution of the Nursing Home Support Scheme to the welfare of elderly citizens in dire need of long-term nursing home care would have been impossible without HSE. From examining eligibility and paying nursing home fees to ensuring the highest standard of care, this publicly funded healthcare system in Ireland has an immeasurable contribution to supporting the long-term nursing home care needs of its citizens.