The Fair Deal scheme was brought into law on 1 July 2009, Money Doctors' John Lowe explains what it entails
As a society, we are all getting older, living longer, leading healthier lives. While there are over 700,000 citizens over the age of 66 currently in Ireland, by 2050, there will be 1.8million - and it costs to take care of them. John Lowe of MoneyDoctors.ie looks at the ins and outs of nursing home care.
Currently, there are a number of considerations when it comes to paying for potential nursing care :
1. You have your own mortgage-free home, a pension, the State pension and you may be even in the healthy financial position of being able to pay for your own in-house nursing care without state aid when or if you do become incapacitated.
2. You do not own your own home and live just on the state pension (€262.30 per week) but you have children who look after you physically and financially outside of your state pension.
3. You will need nursing home care for a variety of reasons and you now realise staying in your mortgage-free home is not practical. What are the options if you cannot afford live-in expensive home help or do not wish to take out a "life-loan" or residential reversion loan 1?
- Sell the home and simply pay a nursing home an average €1,325 per week (the rate for average nursing home care in Co. Dublin) until your money runs out. On an average home worth €400,000, that will last roughly 25 years.
- Take up the HSE’s Fair Deal scheme - it’s not all that complicated.
The Fair Deal scheme
The Fair Deal scheme, brought into law on 1 July 2009 and introduced on 27 October that year under the Fair Deal Act or Nursing Home Support Act, provides financial support to people who need long-term nursing home care.
The first step is an application for a Care Needs Assessment - this identifies whether or not you need long-term nursing home care, i.e. whether you can be supported to continue living at home or whether long-term nursing home care is more appropriate.
John Lowe of Money Doctors joined Eoin Beatty on Thursday's Kildare Today, where he explained the Fair Deal Scheme:
Two Health Insurance Companies To Increase Their Prices From April, With Families Facing A Likely €180-€330 Increase
Nearly 320,000 People Behind On Electricity Bills In 2025
Kildare Ministers Martin Heydon And James Lawless Declare Rental Income In 2025
IFA Plan Large Protest This Saturday In Newbridge
Gardaí Say 'Current' Phase Of Searches Linked To Missing Deirdre Jacob And Jo Jo Dullard Have Ended
Former US Soldier, Michael Kelley, Charged In Connection With Death Of Kerry Man Michael Gaine
Father Punched In Head And Child Pushed To Ground During Newbridge Assault
Education Officials Insist Damning Celbridge Primary School Findings Require "Peer Review"
