Immediate and Future needs

Residential Care, Nursing Homes or Care at Home

There are two types of plan. One provides insurance against future possible needs. The other caters for immediate Care Fees, where someone is already in Nursing Home or Residential Care or about to go into Care.

Once upon a time the State paid for all costs for a Nursing Home. Since 1993, however, there is only limited assistance for anyone with Capital - including property and investments of more that £22,500 (adjusted occasionally)

The Health and Social Care Bill 2001 has improved the benefits the State will provide for nursing care subject to a personal assessment either *£35, £70 or £110 per week.

Some people believe the State will eventually pay all costs. However the costs are huge and as more people live longer and demand grows, we don't believe this will ever be the case for people with investment and property.

Affording To Pay. For some people retirement income will meet the costs, however for others it will mean using the whole of retirement income, plus some capital and interest from investments.

Benefis of Providing Cover

Peace of mind in addition to solving the above problems an additional benefit of a Care Fees plan is to enable you to gift capital, or spend it, during your lifetime knowing that your own personal needs are attended to. This can help with Inheritance Tax planning generally. Often people would like to pass money down to the next generation, or grandchildren during their lifetime, but feel the need to keep control of capital for their own personal needs.

There are many many questions that need answering with this highly personal type of insurance, so what should you do next.

Speak to the experts, request further details and obtain a detailed analysis.

Analysis of your individual situation will take into account all factors and give you a personal, detailed illustration and written report. Please advise a few details - click below

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