THINGS TO CONSIDER WHEN EVALUATING MY AGEING IN PLACE FUNDING OPTIONS
Paying for home adaptations or senior care can be a challenge for many families. While some families have the means to pay for long-term care for an extended period with their income or savings, other families may need to consider leveraging assets or pooling their combined resources. Many families will use a hybrid of these methods.
Depending on scope and scale of your ageing in place plan there are several options when funding your decision. You can fund either through private /personal funds or you can apply for grant support . This page helps you answer one of the most common questions: “Am I eligible for government-subsidized mobility grants ?” You may be eligible if you have:
To find out if you are eligible, the first step is to check if you meet the requirements for an assessment. You can click the button below to do that.
FINANCIAL SUPPORTS AND OPTIONS FOR HOME ADAPTATIONS
There are several financial supports available across a range of products and services that are tailored for seniors looking to modify the home for safer living . When you start to consider the most appropriate options for you our your family it is important to remember that some financial supports and funding’s are subject to high demand and can therefore delay the progress of urgent home adaptations works .
When its comes to assessing the options , there are two main categories that define the options – Grant support or private finance support :
Mobility Aids housing grant scheme OR Housing adaptation grant are government supported and provide support on a means tested basis . In 2019 the Mobility Aids housing grant supported 2111 citizens at an average grant of € 3597 across 34 local and city councils . The Housing adaptation grant for those with a disability support 3981 citizens at an average grant of € 8287 .
While the grant is a source of great support for many , it is under funded and over subscribed meaning that waiting times for support can be up to 12 months . You cannot apply for the grant retrospectively of the works being carried out.
The grant is means tested and you can check your eligibility HERE.
If you have been denied a grant or the prospect of waiting for grant approval is not an option due to an urgent need, you may need to consider private funding support . While some are in a position to use personal income or savings to pay for minor works , the cost of having major home adaptations done can be expensive and the simple cannot be funded form income of savings.
While we cannot advise or give financial advice on this portal , we suggest that the traditional bank network and in particular the post office or local credit union have a range for tailored products for this very type of work.
Other financial products and supports that have been available for years in countries like Canada , USA and Europe such as equity release mortgages or reverse mortgages have become very popular and practical when deciding to fund substantial home care packages and home modification works.
START YOUR PLAN FOR AGEING IN PLACE
According to a report conducted by the ERSI over 90% of Irish seniors would like to age at home in as independent a manner as possible . However while that desire of wanting to remain independent in the home is very much understandable , it is not matched by an appropriate plan to make the desire at home become a reality.
To try and avoid the financial shock of having to make expensive home adaptations at short notice we encourage that home adaptations are made and an ongoing basis over several years . In fact we are starting to see a growing trend of bathroom renovations become part renovation and part adaptation for senior living .
We recommend that you consult with an ageing in place specialist or Occupational therapist before you carry out any works.
USEFUL AGEING IN PLACE SUPPORTS
The maximum grant is €6000 or 100% of the approved cost of the works , whichever is the lesser . Please note that no works can be carried out until you have received full grant approval . The grant cannot be awarded retrospectively of works carried out.
The Mobility Aids Housing Grant Scheme may be paid, where appropriate, in respect of works carried out to:
· Owner-occupied housing
· Houses being purchased from a local authority
· Private rented accommodation
· Accommodation provided under the voluntary housing Capital Assistance and Rental Subsidy schemes
· Accommodation occupied by persons living in communal residences
The grant is available to households whose gross annual household income does not exceed €30,000. Household income is calculated as the annual gross income of all household members over 18 (or over 23 if in full time education) in the previous tax year.
In determining gross household income local authorities shall apply the following disregards:
- €5,000 for each member of the household aged up to age 18 years;
- €5,000 for each member of the household aged between 18 and 23 years and in full time education or engaged in a FAS apprenticeship;
- €5,000 where the person for whom the application for grant aid is sought, is being cared for by a relative on a full-time basis;
- Child Benefit
- Early Childcare Supplement
- Family Income Supplement
- Domiciliary Care Allowance
- Respite Care Grant
- Foster Care Grant
- Fuel Allowance
- Carer’s Benefit / Allowance
The mobility grant process can take up to 9 months , but the average waiting time across the country is more than 6 months . It is important to point out that the grant is needs as well as income assessed and some grant applicants can be denied on the basis that the dwelling as a toilet downstairs and applications could be advised to move beds downstairs .
The grant application process is slow and works well for people who are planning or have pre-empted the need . If you have an urgent need the grant system may not be the agile enough to meet this need . It is recommended that you buy privately in this instance.