Paying for long-term care: A deeper look

Long Term Care advice from the qualified experts at Monetary Solutions

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You might remember my previous article where I introduced Karen MacDonald, our Long Term Care specialist, working alongside Vivian Slattery. In this article, Karen explains a little more about the benefits of seeking their advice when a loved one needs care. Here are some of the ways they can help you:

  • Ensure the right assessments are carried out by the local authorities
  • See if there is a nursing need – which could ultimately mean the NHS pays for the care
  • Help with claiming the right state benefits
  • If the state is liable to pay in part or in full (for people with assets below £23,250) they will claim most of that person’s income to help them pay for it – which may leave a spouse at home with little or no money to live on, which may mean they in turn, need benefits advice
  • Ensure the correct legal papers are in place – whether it be a will or power of attorney that is required
  • Ensuring assets are protected as much as they can be by approved methods. Gifting monies or assets improperly could be seen as ‘deliberate deprivation’ by the local authority and they can claim through the courts if they feel this has been done, and get the money back – at a cost to you.
  • A number of benefits/assets can be excluded from the financial assessment – useful if there is a spouse that will remain at home and needs the money. For example, life assurance bonds may be excluded from a financial assessment
  • If your assets, excluding your property, are worth less than £23,250, the local authority cannot force you to sell your home. Instead, you can request that a charge is put on the property to be repaid on your death. This then allows the property to be rented – which may help subsidise care costs

Financing care could be one of the largest financial decisions that you have to make – there are a number of options out there from funding £20 per week to funding several thousands per week – depending on your needs. A spouse that is still living at home whilst their partner goes into care will also need advice to ensure they are not left financially bereft. Examples include using assets to buy a special type of annuity that will pay for the shortfall in care costs for the remainder of the person’s life – this helps protect other assets and also give peace of mind. We can also advise on the sale of a person’s home and also help them raise funds from it whilst the sale is going through to pay for care, and help you find care – whether it be care at home or a care home according to your needs. At Monetary Solutions you can book a free initial consultation about any financial matters, so please call us on 020 8655 8488. Book your free consultation now

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