I have an arf from which I draw down a monthly income which along with the oap will still leave me under the limits for a medical card. I have no other savings or investments
My question is
is the balance of the arf treated as an investment and therefore calculated as means
Not true. Savings and investments (not including family home) is taken into account as part of the means-test. An
amount of income is attributed to such capital (see Citizens Information website). However I'm not sure specifically how ARFs are treated, but I suspect its included as part of capital.
Savings and similar investments of €36,000 for a single person and €72,000 for a couple are disregarded. A notional rate of interest is applied by the HSE to the balance. Alternatively, the HSE will apply the actual rate if you provide a certificate of interest paid on savings in the last full calendar year.
To me this kind of sounds like cash savings or discretionary investments, not an ARF. Although "stocks, shares, and savings" can cover a lot. What about an ARF in the form of bonds. Is a bond a "saving"?