If you live and need care in Wales and your capital (including the value of your home (unless a spouse or civil partner, or relative aged 60+ or who is incapacitated is to remain living in it) total more than £24,000 (2016/17), you will have to fund your own long term care Neither will you qualify for any assistance from your Local Authority or Health Board unless you need nursing care in a nursing home - when you should qualify for a Registered Nursing Care contribution. Unlike in England, individual health boards are free to set their own maximum nursing care contribution.
Only those currently below: £24,000 (2016/17) qualify for the maximum Local Authority /Local health Board budget, often known as the standard rate or contract rate. This rate varies from one local authority to another and may not even be sufficient to pay for some local authority run homes.
Even if you do qualify for the maximum local authority rate you will need to pay them all your income received (including most benefits, or any which you could be entitled to if you claimed them), but excluding a) your Personal Expenses Allowance (currently, £25.50. per week 2016/17) b) if you are over 65 and getting Savings credit - either £5.75 per week (if single) or £8.60 per week (if a couple) (2016/17) Pension Savings Disregard and c) if you are married or have a partner who needs some of your pension to continue living at home - 50% of any private pensions you receive).
If you have to pay for your own care you may like to view paying for care. To ensure your care can continue indefinitely and your money doesn’t erode totally you should consider a Care Fees Annuity (or care fees funding) which is a specialist long term care annuity which you can buy with just a one off single premium but will then guarantee to pay an income - your requested benefit (usually just the difference between the cost of care and the income your or your parent/relative will continue to enjoy) indefinitely to meet the cost of care for however long is required. The benefit, if paid directly to your care home or registered care agency (for care at home) is also paid tax free under current rules, and is totally portable so no matter whether you need to change care providers it will continue to pay for the rest of your life.
If you would like us to obtain a free no obligation quotation for a care fees annuity, please complete our quote request form opposite and we will call you back to discuss it further.
Please note: These plans are not offered directly by the insurers
To simply find out more about Care Fee Annuities then request or download a copy of our brochure opposite.
Find out for yourself just how affordable a care fees funding plan could be. Get you free market comparison from ALL providers easily by completing your details here and one of our advisers will call you back to discuss them.
Please note: These plans are not offered direct by the insurers
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The information contained in this web site is for general information only and is not financial, investment or tax advice. It is also subject to the UK regulatory regime and is therefore restricted to consumers based in the UK. If you would like to discuss a particular issue or generally ask us how we can advise on your particular situation then please contact us.
Advice on Care is a trading style of Keith Hargraves who is an appointed representative of Intrinsic Financial Planning Limited and Intrinsic Mortgage Planning Limited, which are authorised and regulated by the Financial Conduct Authority. Intrinsic Financial Planning Limited and Intrinsic Mortgage Planning Limited are entered on the FCA register (http://www.fca.org.uk/register/) under reference 440703 and 440718.
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