Local Authorities are required to assess your income and assets when considering the level of contribution you may have to make to pay for care fees. And it is a lot lower than many people think. Every year, 70,000 elderly people are forced to sell their homes to pay residential or nursing home fees. (Daily Mail, 27th October 2007)
If you, or someone you know, are considering either going into care or receiving care in your home, the prospect of assessments and possibly losing assets and income can be daunting and worrying.
If, apart from your property, your other capital is below £23,000 the local authority will help as above with the costs during the first twelve weeks of permanent care. Beyond that period any financial help will be charged against the value of your former home and recovered from the eventual sale proceeds.
If you are assessed as needing a care home place and your capital is below £23,000, you should be entitled to financial support from your local authority. If your capital is below £14,000 you will usually be entitled to maximum support although you will still contribute your income less £21.90 per week retained for personal expenses. Between £14,000 and £23,000 you will also pay £1 per week for each £250 between these two figures.
Wales, Northern Ireland and Scotland have different thresholds and rules.
There are ways you can meet your care costs, for as long as you need care, whilst using up only part of your capital. Immediate Care Plans can help towards capping the cost at the outset and therefore ensuring as much inheritance as possible is left for your beneficiaries.
Only financial advisers who have the Institute of Financial Services Certificate in Long Term Care Insurance (CeLTCI) or the CII CF8 qualification can advise on long term care, so you will need to ensure your IFA has this qualification. It is also essential that your IFA holds an equity release qualification as this may need to be considered as part of an overall recommendation.
Contact Brian Hill at Jones Hill to discuss your requirements.
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