The implementation of a deferral of payment should not last more than 12 weeks. The value of your home is ignored for the first 12 weeks after moving into care. The agreement should therefore be ready for the time you start participating in the fees. In Northern Ireland, there is no formal system for deferring payments. But it might still be available – ask your local care and social care company. From this you should deduct interest and fees for the deferred payment system, the maintenance and insurance costs of the home and the fees for each owner you use. You can also compare with a deferred payment contract with the alternative, z.B. Sell your home and put the product into a savings account. You sign a legal agreement stipulating that the money will be refunded if your home is sold. We write to you when your deferred benefits are fully due at your normal retirement age.
If the person has sold their home or died, there is a time limit to pay the deferred payment contract in full. It is either: it is not possible to benefit from a portion of your deferred benefits; all your deferred benefits are paid. You may be able to transfer your deferred benefit to another pension agreement. Transfer information is displayed here. Funding for basic care varies from country to country. Paying the home fees is complex and depends on many things that are unique to you. The most common situation in which you should consider a deferred payment contract is when your savings and other assets (excluding your home) are low, but the value of your home makes you cross the payment threshold for some or all of your own care home costs themselves. A deferral of payment means that you do not have to sell your home during your lifetime to pay the care costs. In accordance with the 2014 Payment and Payment Services Regulations, there are clear eligibility criteria for determining whether a person is entitled to a deferred payment. If a person meets the criteria, a deferred payment must be offered by the local authority.
If the local authority is aware that the person has a weekly income of more than $144 (known as personal disposable income), the person may ask the person to contribute to the cost of their care for the rest of their income as part of the financial assessment process.