Planning for Long Term Care

If, following your financial and medical assessments, it is clear that neither Social Services nor the NHS will cover the cost of your care, there are still situations when the value of your property (even as your main asset) may be disregarded.

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

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 liable for your own care costs in entirety, less any non-means tested benefits such as Attendance Allowance.

However, in Scotland a flat rate of £145 per week is payable for personal care and a further £65 per week if you are assessed as needing nursing care, regardless of means. 

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 (arranged by Tailormade Financial Services Ltd).

• Specialist Long Term Care Investments

• Low cost bridging loans (Through Tailormade Care Solutions).

Your home may be repossessed if you do not keep up repayments on your mortgage.

For mortgages we can be paid by commission, or a fee of usually £495.00

Your local Tailormade Care Consultant is practiced in researching and putting in place financial solutions that give peace of mind, knowing that care fees are 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.

Tailormade Care Solutions has been endorsed exclusively by The Care Advice Bureau to give advice on the effects of care legislations, your rights, and the legal and financial implications relating to care. To find a suitable care home please click on the Care Advice Bureau link on the left hand side.

By selecting any of hte above links you will leave the regulatory site of Tailormade Financial Services Ltd. Tailormade Financial Services Ltd is not responsible for the accuracy of the information contained with the linked site.

The FSA do not regulate loans or some forms of mortgage.