Medical card application

Hi there,
I have looked at the form and i believe i would be just over the threshold at the moment, but there is a part on it saying that you can factor in loan repayments for home improvements.
We had been hoping to convert our garage for the longest time and now might be it if the repayments bring us closer to the threshold. How would this work; would we need to start the work or just borrow and start the repayments prior to the application?
I hate the thoughts of borrowing and starting if we only have 2/3rds of the money to complete it.

If you take out the loan, and are making the repayments, then the repayments will be deducted from your income for the means assessment. It will be a matter of showing that you are making the repayments.

If you still haven't started the work, and the loan principal is sitting in your bank, then you will be assessed as having that capital, although for a couple the capital limit that applies for medical card means assessment is 72,000 so unless this pushes you over that amount, it won't make any difference.

If you are in receipt of any other means tested social welfare payment, the money sitting in the bank may also affect your payment.

I certainly wouldn't advise anyone to take out a home improvement loan to get a medical card, but if you're going to take one out, you may as well get the deductions that you are allowed.