Secure long-term care funding for your loved ones
Arranging care for a parent or elderly relative is a huge responsibility. How do you ensure they get the best care possible, but are able to afford it for as long as they live? You need to plan ahead so you can be confident the money won’t run out.
Should you buy a care annuity? What are your options?
If your parent is faced with having to pay for their own care, your biggest concern will be how best to manage their money to make it last their lifetime (and hopefully beyond). Is a care annuity a good idea or should you sell the house? Making financial decisions on someone else’s behalf isn’t easy. We’ll help you decide on the most sensible route to take.
A plan in place for peace of mind
As a dedicated retirement planning, Justin knows a huge amount about how care funding works and what the best options are. He’ll help you look at the overall financial picture and provide cash-flow forecasts so you can see the impact different decisions will have. We can then put a long-term plan together to make you feel more in control.
How we work with you
Before you start, you’ll need to arrange a care needs assessment, which is done by your local authority and establishes exactly what kind of care is required.
If you haven’t done this yet, we suggest you speak to My Care Consultant who offer a free 15-minute consultation to point you in the right direction. They can also advise on means-tested financial assessments, if you think you might be eligible for any benefits.
Once this is all done, we can get the ball rolling…
Our Care Funding Road Map
Once you’ve had your care needs assessment and confirmed you’ll need to finance some or all of the care required, we’ll have a free initial chat to explain how we can help you and discuss the timings involved. If you’re keen to go ahead, we’ll confirm what we’re going to do for you in our letter of engagement.
Then Justin and our team will take you through our Care Funding Road Map:
1. Information gathering
We start by gathering together all the financial information about the person who needs care, including their income and expenditure, details of assets (like their house, savings, investments etc) and their projected care costs for the future. This helps us put together a full financial picture so we can start looking at funding options.
2. Cash flow modelling
We’ll build you a cash flow forecast to show how long the money will last and to see if there’s any shortfall that needs to be met. We’ll also request care annuity quotes at this stage, so we can investigate this as an option to see the impact it might have on the money. A care annuity is where you pay a lump sum to guarantee a lifetime of care.
3. Care funding options
We look at the different ways to cover the identified shortfall, which may be using savings or investments, selling the house or buying a care annuity. By including the requested annuity quotes as part of this modelling, we can understand affordability and also whether it could have an impact on money left over for beneficiaries after death.
4. Care annuity implementation
If we’ve decided an annuity is the right solution, we’ll negotiate the specifics of the policy, secure you the best possible price and manage the implementation on your behalf. Our fees are transparent and independent of any annuity providers, so you can be assured we only recommend this route if it’s genuinely best for you.
Our fees
Fixed planning fee
We charge a fixed fee of £1,500, which covers the assessment, cash-flow forecasting and care funding modelling (including researching annuity options). If you don’t choose an annuity, this is all you’ll pay. At this stage you’ll be clear which is the best way to pay for your parent’s care.
Additional fee if an annuity is chosen
If you choose to buy a care annuity, we charge an additional fixed fee of £750 to negotiate the best deal, set this up and provide you with a detailed recommendation report. We don’t take commission from any annuities we put in place, so the cost of the annuity is just that.
Meet Justin and the team
As specialists in retirement planning, we’re well-placed to help you
How we helped Peter
See how we worked with Peter to plan care for his parents
Justin on care funding
From care needs assessments to care needs annuities, Justin has the answers for you
Shall we chat?
We have a waiting list for new clients currently, but feel free to tell us about yourself and we’ll be in touch when we can. Then you can have a free initial call with Justin to talk through your situation.