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Long Term Care Fees Planning

Bob approached us because he was extremely concerned about his mother’s long term care fees.

Bob’s mother, Elsie, had been in care for the last two years and it was becoming increasingly obvious that her care fees were eroding away her investments and savings. Elsie still owned her property and was hoping it would not have to be sold, as it was important to her plans to pass her home on to her granddaughter to help her onto the housing ladder.

We took a look at Elsie’s situation and quickly established that she hadn’t been assessed for Attendance Allowance. We came up with a care fees plan and recommended that Bob arranged this as soon as possible. In the meantime, we examined his mother’s income and outgoings and established that her savings and investments would be fully depleted within the next couple of years.

To ensure that both Bob and his mother could be confident she could afford the ongoing care that she needed, without the worry of running out of money for fees, we suggested exploring a Lifetime Care Annuity. This would guarantee all care costs could be met for life.

Peace of Mind with a Lifetime Care Annuity

Bob was delighted to discover that his mother was eligible for £82.30 per week in Attendance Allowance, but sadly the care annuity cost just exceeded Elsie’s available liquid funds. On further clever negotiation with two annuity providers we managed to secure a significantly reduced annuity that was affordable and would guarantee Elsie’s ongoing care for life.

This has provided Bob with peace of mind that his mother will be financially secure and cared for as she wishes to be throughout her lifetime. The annuity purchase and subsequent planning also allows Elsie the pleasure of being able to pass her home on to her granddaughter in time.

“Thank you for taking away my mum’s worries about her future. We’re so relieved she will be able to stay living in a place she loved with Bob”.

If you need advice on funding long term care for your loved ones, please get in touch or click the link below to download our free Care Fees Planning Guide now.

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Long-Term Care Funding Client Story MFP Wealth Management