If you live in Wales and need care, if 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 if you need care at home, or £40,000 if you need care in a care home (2018/19), you will not qualify for any financial help towards your care from your Local Authority or health board.
This means you will have to a self-funder (unless you need nursing care in a nursing home - when you should qualify for a Registered Nursing Care contribution). This additional contribution (£149.67 in 2018/19) is then paid to your nursing home towards the extra costs involved in nursing.
Even if your personal savings and investments +50% of any joint savings or investments (if applicable) are below either £24,000 (for care at home or £40,000 in a care home) and therefore qualify for the maximum local authority rate, in return you will need to hand over all your income (including a pensions and most state benefits, you are already receiving or would be entitled to), although you are allowed to retain both your Personal Expenses Allowance (currently, £28.50 per week 2018/19) and either £5.75 per week (if single) or £8.60 per week (if a couple) (2018/19) Pension Savings Disregard. If you are married or have a partner who needs some of your pension to continue living at home – you will be allowed to keep 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.
If you need to pay for your own care a care fees annuity can be a great way of avoiding running out of money and will also help ensure you receive the quality of care you or your relative wants.
Find out just how cheap a care fees annuity could be by requesting your free no obligation quotes, simply by providing your details here.
Please note: These plans are not offered direct by the insurers
Head Office Address:
Advice on Care
267 Barrowby Road, Grantham, Lincolnshire, NG31 8NR
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Advice on Care
40 Caversham Road Reading, Berks, RG1 7EB
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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 (https://www.fca.org.uk/register/) under reference 440703 and 440718.
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