Care Home Plan With A Heart Condition |
If you are in, or about to go into care, financing the Care Home fees is an area of real worry for not only the elderly but also their relatives. The costs of residential or nursing care can be extremely high and in many cases will need to be funded from personal assets.
At HeartWeb, the UKs online heart support group, we are regularly asked questions such as:-
Will I have to pay for the Care myself?
Will I have to sell my house?
What happens if I run out of money while I’m in Care?
Will the interest on my savings pay for the Care?
Are there any special schemes available to pay my fees?
Independent Advice
Providing advice on the best way to fund Care Home fees is a very complex matter and you really need to obtain information from a specialist Independent Financial Advisor.
The-insurance-surgery.co.uk can offer the services of such specialists. They will be able to guide you through the schemes that are on offer to families of elderly people receiving care in their own homes, about to enter or already in residential or nursing care.
Case study
Mr and Mrs Brown, live in their own house, but are receiving assistance from a live in carer. Mrs Brown is in her early eighties and has had breast cancer (in remission). She also suffers from Parkinsons which was diagnosed 10 years ago. Mr Brown suffered a stroke 2 years ago, but is a little more mobile than his wife.
Their investments totalled approximately just over £100,000. The domiciliary agency was charging them £500 per week. The shortfall (difference between their joint incomes living expenses and fees) was over £11,700 per annum. Mr and Mrs Brown were therefore extremely concerned that given current investment conditions, and low interest rates their money would dwindle in a very few years.
Specialists solution
As Mr Brown’s income was much higher than his wife’s, we felt that it would be worthwhile investigating the possibility of a care fees plan for Mrs Brown. The plan would guarantee to pay the selected benefit for the rest of Mrs Brown’s life. There is no obligation to purchase a plan, and after receiving medical details from Mrs Browm’s doctor and a report from the nursing home, the four providers of these plans completed their underwriting so that they could offer Mrs Brown terms. The quotes ranged between £93,000 down to £58,700 for providing an income of £11712 per annum, which covered the shortfall. In addition the payments from the plan were going to go up by the increase in the retail price index plus 2%. Also by being paid direct to the care provider Mrs Brown’s tax position was completely unaffected. In short she was getting £11712 per annum totally tax free.
How do I obtain a quotation?
Simply click on the button below and complete the quote form on The-insurance-surgery.co.uk’s website.
Heartweb receives a donation from each policy sold by the-insurance-surgery.co.uk to help us continue our support of anyone affected by Heart Problems.
www.the-insurance-surgery.co.uk is a trading name of The Money Surgery Ltd. Neither HeartWeb or The Money surgery Ltd are certified to give guidance or advice under the Financial Services and Markets Act 2000. When you complete an online quotation form your details are passed directly on to one of The Money Surgery’s commercial partners who are regulated by the Financial Services Authority. HeartWeb provides this service for information only and this should not be taken as a recommendation.