Life Are annuities still available these days on the Irish market?

jasdpace@gmail. said:
www.independent.ie

Home economics: Our property finance expert answers your questions

Q My father is going into a nursing home probably early next year, which the family is currently researching. We are trying to work out whether to do this via Fair Deal, but we are confused about the details of his contribution. His income from the State Contributory pension and an ARF (approved...
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www.irishtimes.com

Am I paying twice on contribution to Fair Deal nursing home care?

Q&A: Dominic Coyle
www.irishtimes.com www.irishtimes.com

The finance guys in the Indo & Times are saying something different to what's been said here. I wouldn't be surprised if these financial journalists have it wrong but one of them is quoting from a financial adviser who apparently specialises in this stuff. From googling, all I know for sure is that is that it seems very hard to find authoritative guidance on the precise calcs anywhere.

Can anybody provide me with a reliable worked example of how this all works?
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I am happy to take their word on it. I am not an expert on it. I have one client who only recently went into a nursing home and he was nowhere near qualifying for the Fair Deal. With the family home and a decent sized ARF, an awful lot of retiree's facing nursing home cost will have to pay for it themselves.
 
This is the relevant AAM post on the topic where a poster quotes the HSE confirming:

2. A withdrawal from an ARF is not assessed as income - it stands as a withdrawal from a cash asset. Although the nature of ARFs causes the regular withdrawals to be treated as income for Revenue purposes, a withdrawal, is not the same as income for the purpose of the Nursing Homes Support Scheme financial assessment and is not assessed.
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Thanks NoRegrets,

Isn't it bizarre that the commentaries that I linked to are wrong?

Also, from the thread you quoted, the poster who provided the helpful info said......

Hope this helps someone. I've asked HSE to update their generally available guidance because I could not find any information along these lines after weeks of research and it shouldn't be a state secret.

The incompetence of these guys in the HSE is impressive. They do ladybird editions regarding the precise treatment of one's house but not a mention anywhere that I could see regarding one's other likely big asset in later years. If you think about it, where is a vulnerable old person going to get decent info about all this? It seems from this thread that the relevant info will be hard to come by from financial advisers, or financial journalists or the HSE?
 
jasdpace@gmail. said:
The incompetence of these guys in the HSE is impressive. They do ladybird editions regarding the precise treatment of one's house but not a mention anywhere that I could see regarding one's other likely big asset in later years.
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I agree. It's basically a tax and should be left to Revenue to administer but for cosmetic reasons government has to pretend it's to do with the health service.

HSE bureaucrats are many things but they are not tax collectors.
 
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