If you are considering applying for the HSE’s Nursing Home Support Scheme,/Fair Deal, your application is based on the value of your property. As part of the application, you will need to include a current valuation from a qualified valuer such as DNG Galvin.
Fair Deal is officially called the Nursing Home Support Scheme. It provides financial support towards nursing home care and is calculated by a financial assessment that includes your income from pensions, benefits or other income and your assets, usually any property. The family home is usually the main asset of value in any household so a valuation is required to include this in your assessment.
Eligibility is based on two assessments. The first looks at the care needs of the older person, their capacity to live independently and at available supports at home and in the community. The second assessment looks at the financial resources (income, property some expenses) available to the older person.
What happens when you apply for the Scheme?
When you apply for the scheme, your care needs are assessed to confirm that long-term nursing home care is the most appropriate option for you.
Your financial situation is also assessed to see how much you will have to contribute towards your nursing home fees. If your contribution is less than the amount of the fees, the HSE will pay the rest.
Assets, such as savings and property, are taken into account when assessing your financial situation. You can apply for the Nursing Home Loan if you want to defer making the part of your contribution that is based on your home or other property.
A financial assessment looks at your income and assets in order to work out what your contribution to care will be. A property valuation of your home will be part of this assessment.
When you sign up to Fair Deal, you agree to pay 80 per cent of your income and 7.5 per cent of the value of your assets each year towards the cost of care. These assets can include:
After 3 years, you will not give any further payment based on these assets, even if you are still getting long-term nursing home care. The ‘3-year cap’ applies whether you choose to get the Nursing Home Loan or not.
Usually no, the Fair Deal scheme is actually designed to avoid someone having to sell their home to fund their long-term care. Fair Deal means the state will cover some of your expenses until your death, and then use the value of the property to repay that cost for your care.
But that doesn’t prevent you selling the property before then if you wish to, just be aware the state will take this into account and usually lower their contribution towards your care.
Typically, another family member may choose to live in the property if appropriate, or the property is rented out for added income. If neither of those are a suitable option then it is often preferable to sell the property.
Contact us to discuss and arrange your Fair Deal Scheme Property Valuation.
At DNG Galvin Auctioneers & Valuers, on inspection for market valuation purposes we keep your home intrusion down to a minimum and give you an estimate of market value quickly. For us, customer satisfaction is our number one priority. Older people living in their homes can feel disturbed or uneasy especially when property valuers arrive to their property. With over 40 years of experience in property valuation, we assure a professional valuation service without creating any fuss or upset to elderly people residing in their homes.
Book your Fair Deal Scheme Property Valuation here
Wednesday, June 1, 2022 in Blog