Our Care Fees Planning and Later Life Advice Service
Care Fees Planning
The vast majority of people who have to meet their own care costs are unlikely to be able to do this without using up at least some of their assets, which does not always offer the peace of mind that many are looking for, especially as there is no guarantee of an inheritance being left for the family. A qualified care fees planning specialist like Ian Francis is able to give you lots of advice.
We can advise you on care fees planning, answering your questions and if you want us to help arrange a solution, like a care fees annuity, then we are here to help arrange that too.
The most common approach for funding any ‘shortfall’ between existing income and care costs tends to be to simply draw down what is needed each month from savings, and perhaps property sale proceeds, and hope that these do not run out completely. But care fees planning is much more detailed than that.
Unless you have a very significant amount of capital (relative to the income you need) or you take a very high risk investment strategy that happens to pay off, capital depletion will be unavoidable. This does not always offer the peace of mind that many are looking for - hence care fees planning is crucial.
There is, however, an alternative to meeting care costs from capital on an open-ended basis, called an immediate or deferred care fees annuity. It will pay out a guaranteed, tax-free income for life. This is not the same as a pension annuity which would offer a much lower and taxable income and does not take into account the age and state of health of the individual.
The very first stage of our care fees planning journey will assess the likelihood of the annuity being an appropriate solution for your needs – and if it isn’t, we will tell you!
What Happens Next If I Think I Qualify for Local Authority Funding?
You will first need to undergo a care needs assessment and you should request this from the Adult Care Services within your Local Authority. If you meet their eligibility criteria then a financial assessment will be done and this will calculate how much they will contribute. Most of your income will be taken into account and each Authority has a maximum amount that they will pay.
Not all Care Homes will accept Local Authority funded placements as the amount paid is typically much lower than their private fees. A top-up could therefore be requested by some Homes.
Will the NHS pay?
Only if you are assessed by the NHS as having a “primary health need” which is likely to be a complex medical condition that requires substantial ongoing healthcare. In these cases, regardless of the assets you have, the NHS will either pay for your care in full (this is known as ‘NHS Continuing Healthcare’) or they will at least pay a fixed weekly amount towards it.
The Care Home that you live in must be registered as a ‘Care Home with Nursing’ for you to be eligible for any amount of financial support from the NHS. You can check what type of care a particular Home is registered to provide by looking on their regulator’s website.
You may be eligible for NHS funding even if you are receiving care in your own home, provided you meet the criteria that they set.
So having set out these facts, feel free to contact us to get sound care fees planning advice.
Arranging a Lasting Power of Attorney is the only way to ensure your loved ones, or someone you trust, can handle your affairs if you can no longer do so.
If you become incapable of making decisions for yourself and you do not have a Lasting or Enduring Power of Attorney in place, an application would need to be made to the Court of Protection by your representative to become your Deputy in order for them to be able to act on your behalf.
Chestnut's Ian Francis is an associate member of the Society of Later Life Advisers. SOLLA helps people and their families in finding trusted accredited financial advisers who understand financial needs in later life. A well-qualified financial adviser like Ian is also somebody who understands the plans you need to make for your retirement years. He is a well qualified, independent expert, which means that we can answer all your questions and obtain all available care fees annuity quotes for you.
The annuity providers have to offer the same prices to all financial advisers with the only variable being the adviser's charge which you agree at outset. We are, in effect, doing the shopping around for you.
Many clients ask us for help to create their lasting power of attorney (and the use of enduring power of attorney), to help them get the best out of life by appointing attorney's to look after their best interests concerning their property and assets, or to be consulted if your health fails.
We regularly advise clients on how to protect their estate to plan minimising potential inheritance tax liabilities, to pass wealth through your family, using gifts, insurance policies, Wills and trusts.
Both Ian and Emma are qualified through the Society of Will Writers to help clients with writing Wills and trusts.
Reviewing your plans and options, and those of your family & loved ones, giving reassurance about such decisions.
Knowledge and Expertise
Care fees planning and later life planning more generally is much more complex than we’re able to explain here. Rest assured, we use our skills and expertise to stay up-to-date with current thinking, changing legislation and new products to ensure you receive only the highest quality advice.
Please Get In Touch
We welcome calls to our office. Our number is 01522 788887
You can email us at email@example.com
Or please complete this contact form and we will get back to you as soon as possible!
The value of care fees planning, pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested.
Estate planning is not regulated by the Financial Conduct Authority.