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 if you need care at home, or £30,000 if you need to move into a care home (2017/18), 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). This additional contribution towards the extra costs involved in nursing is currently £148.01 (2017/18) but for those eligible, it is paid directly to the nursing home.
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 £30,000 in a care home) and therefore you might be entitled to the maximum local authority rate , you will need to pay them all your income you receive (including your pensions and most benefits, or any which you could be entitled to), but excluding a) your Personal Expenses Allowance (currently, £27.50 per week 2017/18) 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) (2017/18) 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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Advice on Care
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Advice on Care
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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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