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Meeting the cost of long-term care 
Joint tenancy: If your partner needs to move into a care home, consider changing the ownership of your property from joint tenancy to tenants in common.You can then Will your half to your beneficiaries rather than it being caught up in the means test for care should you predecease your partner in the care home, saving half the value of your home. Attendance allowance: This is a non-means tested, non-taxable Department for Work and Pensions benefit paid weekly at the lower rate of £41.65 if you need care by day or night and at the higher rate of £62.25 if you need care by day and night, saving up to £3,237 a year. Twelve-week property disregard and deferred loan agreements: The local authority must disregard the value of your property for the first 12 weeks of residential care and assist with your fees if your other capital is below £21,000 in England, saving approximately £3,500. Pension credit: You may also be able to claim pension credit with attendance allowance while your property is on the market, saving £160.80 a week. NHS nursing care contribution: Claim NHS nursing care contribution in nursing homes, even if you are only staying for a short respite period, saving up to £133 a week. NHS continuing care: Double-check your eligibility for fully funded care if you get the middle or highest level of NHS contribution. If you do not qualify now, keep it under review as your health may deteriorate in the future. Couple's savings: The local authority only has the right to financially assess the member of a couple who requires the care. It may be appropriate to split joint accounts into separate single accounts to benefit from State assistance as early as possible. Enduring power of attorney: Consider drawing up an enduring power of attorney when you are fit and well. This will prevent future problems and potentially involving the Court of Protection, saving the cost of the court. Choosing appropriate accommodation: Choose a care home you are sure of being able to afford over the long term. If your assets are likely to fall below the means test limit, ensure the local authority social services department will fund your care in that home. If not, you may find yourself moving home, or asking for costly family top-ups. Section 117 after-care: If an older person needs care for mental illness, make sure they have not previously been admitted to hospital under Section 3. If so, they should be entitled to Section 117 aftercare under the same act, which can include full funding for a care home place, saving the full cost of care. Immediate need care fee payment plans:These plans give a regular guaranteed tax-free income higher than can normally be achieved from traditional investments or annuities. You should be able to meet care costs for life using part of the capital from, say, the sale of your home. This can leave an inheritance for the family. If you require any further information about the services that we provide or would like to review your financial planning position, please contact us |