Most of us are very unfamiliar with our complex care and benefits system. That is true when considering our own care needs and requirements or those of relatives. Effectively anyone with assets of more than £23,250 is financially responsible for their own care.
It is important to establish whether you have any rights to financial assistance for care from the NHS or your Local Authority. time4care’s advisers will guide you through the complexities of the benefits system to definitely establish whether you have exhausted any possibilities for funding from these sources.
Funding long-term care
There are a number of options. Choosing the right one will depend on your needs and circumstances.
Immediate care plans
These are specialist tax efficient policies designed to pay all or part of the cost of care. Once established the plan will pay an agreed tax-free amount on a monthly basis directly to the care provider for the rest of that person’s life. A lump sum is required to purchase such a plan and this is calculated individually based on age, health and the monthly amount required.
Existing investments can be assessed to determine the level of income that is being, or could be, generated and the extent to which capital could be drawn down in order to fund care.
This is very often the main asset and therefore plays a key part in meeting the costs of care. If the person receiving care is moving into a care home and there is no surviving spouse, then invariably the property will be sold, both to help fund care costs and for practical reasons. Getting best value and managing the process can be achieved by time4care.
Alternatively if care is being received at home or the person requiring care leaves a spouse at home then you may need to consider other options such as downsizing your current home and buying a smaller one or you might be able to undertake equity release where you use some of the value of your home to fund care. Equity release loans are repaid, with interest, when the property is sold.
How can t4c help?
As part of our service, you will be referred to a specialist care fees adviser who will be able to offer you and your family the best advice on a range of options. Your adviser will conduct a detailed analysis with you to make a full assessment of your needs and requirements.
This will include:
• the care you or a loved one will need
• what current care is available
• marital status and the attitudes of immediate family
• income, assets and investments
• attitudes to risk
The financial adviser will make recommendations in writing to you for the best solutions for your individual solution.