Affinity Financial Awareness -
Care Division
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Planning for Long Term Care Fees
In order
to qualify for full funding of your nursing or residential care by your
local authority, the total value of your savings, capital any property and
other assets you own must be below the Lower Threshold limits in the table
below
|
|
Lower Threshold
|
Upper Threshold
|
|
England & NI
|
£14,250
|
£23,250
|
|
Wales
|
-
|
£22,000
|
|
Scotland
|
£14,000
|
£22,750
|
Each
£250 (or part thereof) of assets/capital you own between the Lower and
Upper Threshold is classified as equivalent to you having £1.00 per week of
income for financial assessment purposes.
If
the total value of your assets is above the Upper Threshold you will be
entirely liable for your own care costs, less any non-means tested benefits
such as Attendance Allowance.
Although the NHS will make a limited contribution
of either £108.70 or £149.60 (£120.55 flat rate in Wales/ in Scotland £156 if
you are assessed as requiring personal care and an additional contribution of
£71 if you are over 65 and also require nursing care) per week towards
essential nursing care, it is important to realise that this only covers
care provided by a registered nurse and will not apply in most
circumstances.
When planning financial solutions to long term care it is important to
consider all the alternative possible solutions including:
·
The Deferred Payment Scheme
·
Renting the property and utilising the
rental income for care fees
·
Long Term Care Plans
·
Specialist Long Term Care Investments
·
Low cost bridging loans (Through
Affinity Financial Awareness).
Your
local Affinity Adviser is practiced in researching and putting in place
financial solutions that give peace of mind, knowing that care fees can be
guaranteed to be paid for life, and at the same time protecting your assets
and estate and ensuring that you will be able to pass them on to your
family when the time comes.
Please
complete our Specialist Advice form
to receive advice tailored to your situation.
