Nursing home care can be a significant financial commitment for families across Ireland. While the Nursing Home Support Scheme Ireland (commonly known as the Fair Deal Scheme) provides financial aid, understanding ways to further reduce costs can help families manage expenses more effectively. Here are key strategies to minimise the Nursing Home Support Scheme cost of care and ensure financial stability.
.png)
1. Maximise Support from the Nursing Home Support Scheme
The Nursing Home Support Scheme Ireland covers a portion of the cost based on a person’s income and assets. To reduce out-of-pocket expenses:
Ensure a thorough assessment of all assets and income to determine the minimum contribution required.
Avail of the three-year cap rule, which limits the contribution from the family home to three years, reducing long-term costs.
Apply for the Family Successor Relief if a qualifying relative continues to live in the home.
2. Choose an Approved Nursing Home
Selecting a HSE-approved nursing home ensures that the Fair Deal Scheme subsidies apply. If a facility is not registered under the scheme, families may need to cover the entire cost privately, significantly increasing expenses.
3. Understand Additional Costs
While the Nursing Home Support Scheme cost of care covers basic services, nursing homes may charge for extra amenities such as:
Physiotherapy
Special dietary requirements
Hairdressing and personal services
Social and recreational activities
Understanding these costs upfront can help families budget effectively and avoid unexpected expenses.
4. Leverage the Nursing Home Loan (Ancillary State Support)
If paying upfront is a challenge, families can apply for the Nursing Home Loan, which allows them to defer part of their payment. The amount is repaid from the individual’s estate, easing immediate financial pressure.
5. Consider Tax Relief on Nursing Home Fees
Families can claim tax relief on nursing home fees at the highest rate of income tax paid (20% or 40%). Additionally, payments made by family members can also qualify for tax relief, reducing the overall burden.
6. Seek Additional State and Private Supports
Check eligibility for supplementary welfare allowances that may help cover additional nursing home expenses.
Explore private insurance policies that may cover part of the care costs.
Look into long-term care savings plans that provide financial support for elderly care.
7. Plan Ahead with Legal and Financial Advice
Seeking professional advice from Fair Deal Advice ensures you maximise available benefits while minimising unnecessary expenses. A specialist can help with:
Optimising asset assessments to reduce contributions
Understanding inheritance implications
Planning for future financial security
Conclusion
While the Nursing Home Support Scheme Ireland eases the financial strain, careful planning and knowledge of available resources can further reduce costs. By maximising government support, choosing the right facility, and leveraging financial assistance programmes, families can ensure their loved ones receive quality care without overwhelming financial stress.
For expert guidance on navigating the Fair Deal Scheme and reducing nursing home expenses, Fair Deal Advice is here to help. Contact us today to make informed financial decisions for your family’s future.
No comments:
Post a Comment