At long last the changes to the Fair Deal Scheme that will cap qualifying Farming and Business applicant’s contribution on their land and business values to 3 years were finally passed by the Dail and Seanad and signed into Law by President Michael D Higgins last week.
These long-awaited amendment to the Nursing Home Support Scheme Act were delayed for several years by Brexit, Covid and the change in Government.
The changes will bring financial relief to Farming and Business Owners who previously had to continue to pay an asset contribution on their Farms and Business after three years which jeopardised their financial viability and, in some cases, prevented people of availing of long-term care as they could not afford the fees.
The changes will not however apply to all Farmer’s or Business Owners as one must qualify and meet certain criteria to do so. The amendments will not come into effect for 90 days and in the meantime, we await publication of guidelines by the HSE on how the amendments will work and how they can be applied for.
In a further positive development, a further amendment has been passed into law that will allow applicants to sell their home after 3 years in a Nursing Home and the proceeds will no longer be assessable. Previously if a property was sold after 3 years the exemption of the property from the asset assessment was lost. This change is designed to free up housing stock to deal with the housing crisis as it is estimated that there are circa 14,000 empty houses throughout the country owned by Nursing Home residents.
If you wish to find out more information on the above changes and the Fair Deal and how they may impact you now or in the future, please call on 086 601 5042 or email email@example.com or visit www.fairdealadvice.ie.