Independent Care advice from Retirement Solutions a leading independent financial adviser.

Getting expert help with care fees advice is vital if you wish to preserve the estate assets. There are many ways of paying care fees and some very clever financial products that can guarantee an income for the rest of your life. Without independent care advice you run the risk of running out of money, with the disastrous results that could bring.

Our expert advisers will take information about your personal circumstances and then research the entire market to find the best way to pay for your care fees. We will also conduct a benefits check with you to ensure you are claiming all the available state benefits that may be available.

Care advice products fall into two categories:

Pre-Funded Plans
Here an individual pays in advance for cover. Regular or single contributions are made and contracts can be purely insurance based or investment based with degrees of insurance cover.

Immediate Care Plans
These plans provide help with care fees, which are due now. The adviser will provide care advice and these are only funded via a lump sum.
Advantages:

  • It protects the family assets from being sold to provide care fees.
  • The benefit can provide for nursing home or own home care including round the clock nursing.
  • No tax charges when benefits are paid.
  • Policies can be funded on either a lump sum or regular premium basis.
  • Contracts are available to provide immediate cover.
  • Enables working family and family working away from parents to have cover which protects parents.
  • Individuals can ensure that their inheritances are preserved for their children.
  • Protection for Home. LTC policies will help ensure that a house is not sold when an individual goes into a nursing home or residential care.
  • Protection of Personal Assets. LTC cover ensures that individuals with savings greater than £14,250 do not have to call on these savings to pay nursing home fees.

Disadvantages:

  • There are currently relatively few providers.
  • No tax relief is currently available on premiums.
  • The policy may not necessarily cover acute conditions, e.g. hip replacement or other major surgery.
  • The policy will not cover disorders that cannot be clinically proven, e.g. some mental illnesses.