“Helping secure the future for you and your loved ones”
We believe the current system for funding care for the elderly is extremely unfair with a complicated system and our aim is to simplify matters whilst securing financial piece of mind for you and your loved ones.
You are no doubt already aware the cost of long-term care can run into thousands of pounds per month and can quickly diminish any hard earned savings.
Under current legislation in England, if the total value of your assets is less than £14,250*, the Government must ensure that your assessed care needs are paid for. However, you will still be expected to contribute all of your available income, less a small amount for personal expenses, towards the cost of long term care.
If your personal assets are more than £23,250*, you will normally be expected to pay for the full cost of long term care yourself, although you may still be entitled to some state benefits that are not means-tested.
The government have speculated about a “Care Tax” to go towards equalising the system for paying for long term care however at this time no decisions have been made and due to the current budget constraints it looks like this may not happen for some time.
Those that don’t qualify for full state support because they have worked hard to build financial security do have a range of financial products and solutions to help fund long term care needs and to protect assets for the future.
Action can be taken to prevent the local authority insisting on your home being sold, or as we have recently seen applying charges over your home to pay for care. Products are available to cover the ongoing cost of care and to remove the uncertainty of future care cost. Additionally some investments can even be held and be considered a disregard for long term care by the local authorities.
We at Southern Independent Financial Consultancy will discuss with you and your family what State support you may be entitled, help you understand the financial products available to meet ongoing care costs and as far as possible to preserve your hard earned capital.
We offer a free initial consultation with a qualified specialist adviser to discuss your individual circumstances.
*Based upon 2010/2011 legislation